Robinhood Markets, Inc. (NASDAQ:HOOD) Short Interest Down 12.2% in October

Robinhood Markets, Inc. (NASDAQ:HOOD) was the target of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 19,960,000 shares, a drop of 12.2% from the October 15th total of 22,740,000 shares. Currently, 3.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 14,860,000 shares, the days-to-cover ratio is presently 1.3 days.

Analyst Ratings Changes

Several analysts have weighed in on HOOD shares. JMP Securities upped their target price on Robinhood Markets from $33.00 to $40.00 and gave the company a “market outperform” rating in a report on Tuesday, November 12th. The Goldman Sachs Group lowered their price objective on shares of Robinhood Markets from $25.00 to $22.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. Deutsche Bank Aktiengesellschaft raised their target price on shares of Robinhood Markets from $27.00 to $32.00 and gave the company a “buy” rating in a report on Monday, November 11th. Piper Sandler increased their price target on shares of Robinhood Markets from $30.00 to $36.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Needham & Company LLC raised shares of Robinhood Markets from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Monday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $27.34.

Insider Activity

In other Robinhood Markets news, CEO Vladimir Tenev sold 250,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.26, for a total transaction of $4,815,000.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jason Warnick sold 25,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $20.96, for a total transaction of $524,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,077,162 shares of the company’s stock, valued at approximately $22,577,315.52. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,710,549 shares of company stock valued at $115,477,194 in the last three months. 19.95% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of Robinhood Markets in the first quarter worth $34,000. Empowered Funds LLC bought a new stake in Robinhood Markets during the first quarter valued at about $262,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of Robinhood Markets by 25.9% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 35,347 shares of the company’s stock valued at $712,000 after purchasing an additional 7,271 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Robinhood Markets by 33.9% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 244,627 shares of the company’s stock worth $4,924,000 after purchasing an additional 61,933 shares during the period. Finally, SageView Advisory Group LLC acquired a new position in shares of Robinhood Markets during the 1st quarter worth about $84,000. Institutional investors own 93.27% of the company’s stock.

Robinhood Markets Stock Up 8.3 %

Robinhood Markets stock traded up $2.68 during midday trading on Monday, hitting $35.00. The company’s stock had a trading volume of 36,906,478 shares, compared to its average volume of 16,082,386. Robinhood Markets has a 12 month low of $7.96 and a 12 month high of $35.62. The company has a market capitalization of $30.94 billion, a PE ratio of 59.32, a price-to-earnings-growth ratio of 0.77 and a beta of 1.84. The stock’s 50-day moving average price is $25.77 and its 200-day moving average price is $22.49.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). Robinhood Markets had a return on equity of 7.52% and a net margin of 21.80%. The company had revenue of $637.00 million during the quarter, compared to analyst estimates of $660.53 million. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. The business’s revenue was up 36.4% compared to the same quarter last year. As a group, equities analysts anticipate that Robinhood Markets will post 0.72 EPS for the current year.

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.