TLDR
- Robinhood Markets (HOOD) stock gained 3.8% on Wednesday to $101.93 after Needham raised its price target to $126.
- Rosenblatt started coverage with a Buy rating and a $135 target, while JPMorgan lifted its target to $115 and stayed Neutral.
- A Mizuho survey found 94% of 600+ active users would likely trade single-stock perpetual futures if offered.
- Insiders sold about $128 million of stock over the past 90 days.
- The consensus rating is Moderate Buy with an average price target of $130.29.
Robinhood Markets (HOOD) stock gained 3.8% on Wednesday and last traded at $101.93. It closed at $98.21 the session before.
The stock hit an intraday high of $103.15. Volume reached 13.7 million, about 49% below the 26.7 million daily average.
The move followed a price target hike from Needham to $126 from $123. The firm kept its Buy rating.
JPMorgan also nudged its target up, to $115 from $103. It held its Neutral rating.
Rosenblatt Securities started coverage with a Buy rating and a $135 target. Its analysts called Robinhood a āgenerational growth story.ā
What Analysts Are Saying
Mizuho has an Outperform rating and a $140 target. Scotiabank rates the stock Sector Outperform with a $136 target.
Truist raised its target to $134 from $130 on Oct. 13. MarketBeat lists a Moderate Buy consensus with an average target of $130.29.
Of the 35 analysts covering the stock, two say Strong Buy and 27 say Buy. Five rate it Hold and one rates it Sell.
Mizuho also surveyed more than 600 active Robinhood users. It found 94% would likely trade single-stock perpetual futures if offered.
About 84% said they would use mostly or only new money for those trades. Analyst Dan Dolev called that a āpotential strong positive.ā
Robinhood has not announced single-stock perps. Senior vice president Johann Kerbrat told The Block the company had nothing to announce.
The company did say on Sept. 29 that it plans to launch perpetual futures for U.S. users in the coming months. It also plans 24/7 trading for select U.S. equities.
Insider Sales and Valuation
Insiders sold stock worth about $128 million over the past 90 days. They still own 13.48% of the company.
CFO Shiv Verma sold about $1.27 million of stock on Sept. 15 at $110.42. His sale and one by Daniel Gallagher Jr. both ran under 10b5-1 plans.
Robinhood has a market cap of $91.64 billion and a P/E ratio of 44.90. Its beta of 2.35 means big swings are part of the deal.
In its July 29 report, Robinhood posted EPS of $0.62 against a $0.44 estimate. Revenue rose 32.5% to $1.31 billion, and analysts expect $2.15 in EPS this year.
On Wednesday the stock traded below its 50-day average of $109.32 and above its 200-day average of $96.79.
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