Short Interest in Robinhood Markets, Inc. (NASDAQ:HOOD) Drops By 14.7%

Robinhood Markets, Inc. (NASDAQ:HOOD) saw a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 22,740,000 shares, a drop of 14.7% from the September 30th total of 26,650,000 shares. Approximately 3.8% of the shares of the company are sold short. Based on an average daily trading volume, of 14,190,000 shares, the days-to-cover ratio is presently 1.6 days.

Robinhood Markets Trading Down 16.0 %

Shares of NASDAQ HOOD traded down $4.52 during mid-day trading on Thursday, reaching $23.69. The company had a trading volume of 20,013,775 shares, compared to its average volume of 15,418,721. The company has a 50-day moving average price of $23.32 and a two-hundred day moving average price of $21.34. The stock has a market cap of $20.96 billion, a PE ratio of 74.85 and a beta of 1.84. Robinhood Markets has a 1-year low of $7.91 and a 1-year high of $28.58.

Robinhood Markets (NASDAQ:HOOD) last released 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). The business had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $660.53 million. Robinhood Markets had a net margin of 12.96% and a return on equity of 4.25%. Robinhood Markets’s revenue for the quarter was up 36.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.09) EPS. On average, research analysts expect that Robinhood Markets will post 0.74 EPS for the current year.

Insider Buying and Selling

In other news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $19.33, for a total transaction of $241,625.00. Following the completion of the transaction, the insider now owns 1,045,068 shares in the company, valued at $20,201,164.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $19.33, for a total transaction of $241,625.00. Following the completion of the sale, the insider now directly owns 1,045,068 shares of the company’s stock, valued at approximately $20,201,164.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vladimir Tenev sold 250,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $16.05, for a total transaction of $4,012,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,639,654 shares of company stock valued at $110,241,632. 19.95% of the stock is owned by insiders.

Hedge Funds Weigh In On Robinhood Markets

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Robinhood Markets by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 56,828,633 shares of the company’s stock worth $1,143,960,000 after buying an additional 1,003,535 shares in the last quarter. UniSuper Management Pty Ltd grew its stake in Robinhood Markets by 87.1% in the first quarter. UniSuper Management Pty Ltd now owns 5,800 shares of the company’s stock valued at $117,000 after purchasing an additional 2,700 shares in the last quarter. O Neil Global Advisors Inc. acquired a new position in Robinhood Markets in the 2nd quarter worth about $2,298,000. SG Americas Securities LLC lifted its holdings in shares of Robinhood Markets by 62.5% during the 1st quarter. SG Americas Securities LLC now owns 283,684 shares of the company’s stock valued at $5,711,000 after buying an additional 109,059 shares during the last quarter. Finally, LifePro Asset Management bought a new stake in shares of Robinhood Markets in the 3rd quarter valued at approximately $1,677,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on HOOD shares. The Goldman Sachs Group upped their target price on Robinhood Markets from $22.50 to $25.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Robinhood Markets in a report on Thursday. Piper Sandler increased their price objective on shares of Robinhood Markets from $27.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Citigroup boosted their price target on Robinhood Markets from $19.00 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, September 27th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Robinhood Markets from $17.00 to $21.00 and gave the company an “underweight” rating in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $24.97.

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.