TLDR
- Robinhood Markets (HOOD) stock rose 3.8% on Wednesday to $101.93 after Needham lifted its price target to $126 from $123.
- Rosenblatt started coverage with a Buy rating and a $135 target, while JPMorgan raised 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 rose 3.8% on Wednesday after Needham raised its price target. The stock last traded at $101.93, up from a prior close of $98.21.
It reached a high of $103.15 during the session. Volume was 13.7 million, about 49% below the average of 26.7 million.
Needham lifted its target to $126 from $123 and kept its Buy rating. JPMorgan also raised its target, to $115 from $103, but stayed Neutral.
Rosenblatt Securities started coverage with a Buy rating and a $135 target. The firm called Robinhood a “generational growth story.”
Analysts Stay Upbeat
Other firms are also positive. Mizuho has an Outperform rating and a $140 target, and Scotiabank has a Sector Outperform rating with a $136 target.
Truist raised its target to $134 from $130 earlier this month. MarketBeat data shows a Moderate Buy consensus and an average target of $130.29.
Of the 35 analysts covering the stock, two rate it Strong Buy and 27 rate it Buy. Five say Hold and one says Sell.
Mizuho also released a survey of more than 600 active Robinhood users. It found 94% would likely trade single-stock perpetual futures if they become available.
About 84% said they would use mostly or only new money for the contracts. Mizuho’s Dan Dolev called that a “potential strong positive” and said cannibalization looks limited.
Robinhood has not announced single-stock perps. Johann Kerbrat, a senior vice president, told The Block the company had nothing to announce on that front.
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 Selling and Valuation
Insiders sold 1,089,658 shares’ worth of stock, valued at about $128 million, over the past 90 days. Insiders still own 13.48% of the company.
CFO Shiv Verma sold $1.27 million of stock on Sept. 15 at $110.42 each, a 16.79% cut to his position. Insider Daniel Gallagher Jr. sold $1.22 million on Sept. 3 at $122.43, and both sales 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 the stock rarely sits still.
In its last report on July 29, 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 sat below its 50-day average of $109.32 and above its 200-day average of $96.79.
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