Robinhood Markets (NASDAQ:HOOD) Stock Price Down 1.3% on Insider Selling

Robinhood Markets, Inc. (NASDAQ:HOOD) shares dropped 1.3% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $47.42 and last traded at $47.75. Approximately 19,267,221 shares traded hands during trading, a decline of 9% from the average daily volume of 21,210,096 shares. The stock had previously closed at $48.36.

Specifically, Director Baiju Bhatt sold 223,528 shares of the business’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $43.21, for a total value of $9,658,644.88. Following the completion of the transaction, the director now directly owns 5,042 shares in the company, valued at approximately $217,864.82. The trade was a 97.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $43.36, for a total transaction of $253,786.08. Following the completion of the sale, the chief technology officer now owns 11,706 shares in the company, valued at $507,572.16. This represents a 33.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several research firms recently commented on HOOD. Wolfe Research lowered shares of Robinhood Markets from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, February 18th. Mizuho upped their price target on Robinhood Markets from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Cantor Fitzgerald assumed coverage on Robinhood Markets in a report on Thursday, March 6th. They set an “overweight” rating and a $69.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on Robinhood Markets from $39.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Finally, Piper Sandler increased their price target on Robinhood Markets from $54.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $61.29.

Robinhood Markets Stock Performance

The firm’s 50 day simple moving average is $49.35 and its 200 day simple moving average is $37.82. The firm has a market capitalization of $42.63 billion, a price-to-earnings ratio of 30.67, a PEG ratio of 1.05 and a beta of 2.14.

Robinhood Markets (NASDAQ:HOOD) last posted its earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. As a group, sell-side analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Institutional Trading of Robinhood Markets

A number of hedge funds have recently modified their holdings of the stock. FMR LLC lifted its holdings in Robinhood Markets by 184.8% in the fourth quarter. FMR LLC now owns 40,237,478 shares of the company’s stock valued at $1,499,248,000 after acquiring an additional 26,107,934 shares during the period. Newlands Management Operations LLC boosted its holdings in Robinhood Markets by 1.1% during the fourth quarter. Newlands Management Operations LLC now owns 24,158,860 shares of the company’s stock worth $900,159,000 after buying an additional 273,860 shares in the last quarter. State Street Corp grew its position in Robinhood Markets by 8.7% during the third quarter. State Street Corp now owns 13,558,321 shares of the company’s stock valued at $317,536,000 after buying an additional 1,085,679 shares during the period. Geode Capital Management LLC increased its holdings in Robinhood Markets by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 12,175,972 shares of the company’s stock valued at $455,464,000 after buying an additional 555,299 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Robinhood Markets by 34.4% in the fourth quarter. Renaissance Technologies LLC now owns 12,078,116 shares of the company’s stock worth $450,031,000 after acquiring an additional 3,091,514 shares during the period. Hedge funds and other institutional investors own 93.27% of the company’s stock.

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.