Robinhood Markets (NASDAQ:HOOD) Stock Price Down 4.7% After Insider Selling

Robinhood Markets, Inc. (NASDAQ:HOOD) fell 4.7% during trading on Wednesday following insider selling activity. The stock traded as low as $45.33 and last traded at $45.90. 14,427,501 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 21,283,353 shares. The stock had previously closed at $48.15.

Specifically, Director Baiju Bhatt sold 47,023 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $46.37, for a total value of $2,180,456.51. Following the completion of the sale, the director now owns 5,042 shares in the company, valued at approximately $233,797.54. This trade represents a 90.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Baiju Bhatt sold 223,528 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now owns 5,042 shares of the company’s stock, valued at approximately $217,864.82. This represents a 97.79 % decrease in their position. The disclosure for this sale can be found here. In related news, CTO Jeffrey Tsvi Pinner sold 5,853 shares of Robinhood Markets stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $43.36, for a total value of $253,786.08. Following the sale, the chief technology officer now owns 11,706 shares in the company, valued at $507,572.16. The trade was a 33.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on HOOD shares. Barclays raised their target price on shares of Robinhood Markets from $54.00 to $76.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Cantor Fitzgerald initiated coverage on shares of Robinhood Markets in a report on Thursday, March 6th. They issued an “overweight” rating and a $69.00 price objective for the company. Raymond James began coverage on Robinhood Markets in a report on Wednesday, February 5th. They set a “market perform” rating on the stock. Wolfe Research cut Robinhood Markets from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, February 18th. Finally, Piper Sandler lifted their price target on Robinhood Markets from $54.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $61.29.

Robinhood Markets Trading Down 7.1 %

The stock’s 50 day moving average is $49.33 and its 200-day moving average is $37.87. The company has a market cap of $39.61 billion, a P/E ratio of 28.49, a PEG ratio of 1.05 and a beta of 2.14.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.54 earnings per share for the quarter, topping 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 EPS for the current year.

Institutional Investors Weigh In On Robinhood Markets

Several large investors have recently bought and sold shares of HOOD. MetLife Investment Management LLC grew its holdings in shares of Robinhood Markets by 1.5% in the fourth quarter. MetLife Investment Management LLC now owns 11,806 shares of the company’s stock worth $440,000 after acquiring an additional 171 shares during the period. Dorsey & Whitney Trust CO LLC lifted its position in Robinhood Markets by 2.4% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 9,867 shares of the company’s stock valued at $368,000 after purchasing an additional 233 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in Robinhood Markets by 7.8% during the fourth quarter. First Horizon Advisors Inc. now owns 3,822 shares of the company’s stock valued at $142,000 after purchasing an additional 277 shares during the period. Commerce Bank increased its position in Robinhood Markets by 3.3% in the third quarter. Commerce Bank now owns 13,245 shares of the company’s stock worth $310,000 after buying an additional 423 shares in the last quarter. Finally, Spire Wealth Management raised its stake in shares of Robinhood Markets by 104.6% in the fourth quarter. Spire Wealth Management now owns 1,074 shares of the company’s stock worth $40,000 after buying an additional 549 shares during the period. 93.27% of the stock is currently owned by 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.