Robinhood Markets (NASDAQ:HOOD) Trading Down 2.6% After Insider Selling

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) fell 2.6% during trading on Monday following insider selling activity. The stock traded as low as $21.66 and last traded at $21.70. 3,822,396 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 16,366,243 shares. The stock had previously closed at $22.29.

Specifically, Director Baiju Bhatt sold 116,669 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $22.02, for a total value of $2,569,051.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Robinhood Markets news, CFO Jason Warnick sold 5,000 shares of Robinhood Markets stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $19.59, for a total transaction of $97,950.00. Following the transaction, the chief financial officer now directly owns 1,002,407 shares of the company’s stock, valued at $19,637,153.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Baiju Bhatt sold 116,669 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $22.02, for a total transaction of $2,569,051.38. The disclosure for this sale can be found here. Insiders have sold a total of 1,486,733 shares of company stock worth $28,618,091 over the last quarter. 19.95% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on HOOD shares. Wolfe Research raised Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 target price for the company in a research note on Wednesday. Piper Sandler boosted their price objective on shares of Robinhood Markets from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. Bank of America raised shares of Robinhood Markets from an “underperform” rating to a “buy” rating and increased their target price for the stock from $14.00 to $24.00 in a research note on Friday, May 17th. Needham & Company LLC reissued a “hold” rating on shares of Robinhood Markets in a research note on Thursday, June 6th. Finally, JMP Securities restated a “market outperform” rating and issued a $30.00 price objective on shares of Robinhood Markets in a report on Friday, June 7th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $20.77.

Robinhood Markets Trading Up 0.8 %

The firm has a market capitalization of $19.61 billion, a price-to-earnings ratio of 150.53 and a beta of 1.83. The stock’s fifty day moving average price is $19.74 and its two-hundred day moving average price is $16.26.

Robinhood Markets (NASDAQ:HOOD) last posted its earnings results on Wednesday, May 8th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.05 by $0.13. The firm had revenue of $618.00 million for the quarter, compared to analyst estimates of $552.74 million. Robinhood Markets had a return on equity of 1.86% and a net margin of 6.22%. Robinhood Markets’s revenue for the quarter was up 40.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.57) earnings per share. Analysts anticipate that Robinhood Markets, Inc. will post 0.56 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Robinhood Markets

Hedge funds and other institutional investors have recently made changes to their positions in the business. Spire Wealth Management acquired a new stake in Robinhood Markets during the fourth quarter worth approximately $26,000. PNC Financial Services Group Inc. grew its position in shares of Robinhood Markets by 46.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,275 shares of the company’s stock valued at $29,000 after buying an additional 722 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Robinhood Markets during the 1st quarter worth $34,000. Whittier Trust Co. lifted its position in Robinhood Markets by 100.0% in the fourth quarter. Whittier Trust Co. now owns 4,634 shares of the company’s stock valued at $59,000 after acquiring an additional 2,317 shares during the last quarter. Finally, SageView Advisory Group LLC acquired a new position in Robinhood Markets in the first quarter valued at $84,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

About Robinhood Markets

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.