Robinhood Markets (NASDAQ:HOOD) Shares Down 1.7% After Insider Selling

Robinhood Markets, Inc. (NASDAQ:HOOD) dropped 1.7% during trading on Friday following insider selling activity. The company traded as low as $62.81 and last traded at $63.64. Approximately 10,932,837 shares changed hands during trading, a decline of 59% from the average daily volume of 26,387,932 shares. The stock had previously closed at $64.77.

Specifically, Director Baiju Bhatt sold 418,338 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $64.46, for a total transaction of $26,966,067.48. Following the transaction, the director now owns 7,863 shares in the company, valued at $506,848.98. This represents a 98.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

HOOD has been the topic of a number of research analyst reports. Piper Sandler increased their price objective on shares of Robinhood Markets from $54.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Robinhood Markets from $54.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, May 14th. Needham & Company LLC increased their price objective on shares of Robinhood Markets from $58.00 to $71.00 and gave the company a “buy” rating in a research report on Wednesday, May 14th. Mizuho upped their target price on shares of Robinhood Markets from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, Morgan Stanley upped their target price on shares of Robinhood Markets from $40.00 to $43.00 and gave the company an “equal weight” rating in a report on Tuesday, May 13th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $55.41.

Robinhood Markets Trading Down 2.5%

The firm has a market cap of $55.93 billion, a PE ratio of 40.24, a price-to-earnings-growth ratio of 1.05 and a beta of 2.15. The stock has a 50 day simple moving average of $47.76 and a 200-day simple moving average of $44.89.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.04). The business had revenue of $927.00 million during the quarter, compared to analysts’ expectations of $917.12 million. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. The company’s quarterly revenue was up 50.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.18 EPS. On average, equities research analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Hedge Funds Weigh In On Robinhood Markets

Institutional investors have recently bought and sold shares of the stock. IFP Advisors Inc grew its stake in Robinhood Markets by 601.1% during the fourth quarter. IFP Advisors Inc now owns 4,396 shares of the company’s stock valued at $164,000 after acquiring an additional 3,769 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Robinhood Markets by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,719,732 shares of the company’s stock valued at $175,857,000 after acquiring an additional 138,267 shares in the last quarter. Requisite Capital Management LLC purchased a new position in Robinhood Markets during the fourth quarter valued at $266,000. Aigen Investment Management LP grew its stake in Robinhood Markets by 161.2% during the fourth quarter. Aigen Investment Management LP now owns 85,868 shares of the company’s stock valued at $3,199,000 after acquiring an additional 52,988 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in Robinhood Markets by 19.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,557,301 shares of the company’s stock valued at $179,463,000 after acquiring an additional 739,631 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Robinhood Markets Company Profile

Robinhood Markets, Inc operates financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds (ETFs), American depository receipts, options, gold, and cryptocurrencies. The company offers fractional trading, recurring investments, fully-paid securities lending, access to investing on margin, cash sweep, instant withdrawals, retirement program, around-the-clock trading, and initial public offerings participation services.