Robinhood Markets (NASDAQ:HOOD) Trading Down 3.6% on Insider Selling

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price dropped 3.6% during trading on Friday after an insider sold shares in the company. The company traded as low as $42.29 and last traded at $43.22. Approximately 18,013,826 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 29,759,838 shares. The stock had previously closed at $44.84.

Specifically, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $46.81, for a total transaction of $273,978.93. Following the completion of the sale, the chief technology officer now owns 17,559 shares of the company’s stock, valued at $821,936.79. This represents a 25.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $49.02, for a total transaction of $1,225,500.00. Following the completion of the transaction, the insider now directly owns 822,893 shares in the company, valued at approximately $40,338,214.86. This represents a 2.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Robinhood Markets news, Director Meyer Malka sold 64,951 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $49.64, for a total value of $3,224,167.64. Following the completion of the sale, the director now owns 3,235,585 shares in the company, valued at approximately $160,614,439.40. This represents a 1.97 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on HOOD shares. Cantor Fitzgerald started coverage on Robinhood Markets in a report on Thursday. They set an “overweight” rating and a $69.00 target price on the stock. KeyCorp boosted their price objective on Robinhood Markets from $57.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Raymond James began coverage on Robinhood Markets in a research note on Wednesday, February 5th. They issued a “market perform” rating for the company. JMP Securities boosted their price target on shares of Robinhood Markets from $60.00 to $77.00 and gave the company a “market outperform” rating in a research report on Thursday, February 13th. Finally, Mizuho upped their price objective 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. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Robinhood Markets has a consensus rating of “Moderate Buy” and an average price target of $60.13.

Robinhood Markets Price Performance

The business has a 50 day simple moving average of $49.03 and a 200 day simple moving average of $35.92. The company has a market capitalization of $39.33 billion, a price-to-earnings ratio of 28.29, 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, topping the consensus estimate of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. On average, equities research analysts predict that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC lifted its holdings in Robinhood Markets by 184.8% during the 4th quarter. FMR LLC now owns 40,237,478 shares of the company’s stock worth $1,499,248,000 after buying an additional 26,107,934 shares in the last quarter. Newlands Management Operations LLC raised its stake in shares of Robinhood Markets by 1.1% in the fourth quarter. Newlands Management Operations LLC now owns 24,158,860 shares of the company’s stock valued at $900,159,000 after acquiring an additional 273,860 shares in the last quarter. State Street Corp boosted its holdings in Robinhood Markets by 8.7% in the third quarter. State Street Corp now owns 13,558,321 shares of the company’s stock valued at $317,536,000 after purchasing an additional 1,085,679 shares during the period. Geode Capital Management LLC grew its stake in Robinhood Markets by 4.8% during the 4th quarter. Geode Capital Management LLC now owns 12,175,972 shares of the company’s stock worth $455,464,000 after purchasing an additional 555,299 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Robinhood Markets by 34.4% during the 4th quarter. Renaissance Technologies LLC now owns 12,078,116 shares of the company’s stock worth $450,031,000 after purchasing an additional 3,091,514 shares during the period. Hedge funds and other institutional investors 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.