Robinhood Markets (NASDAQ:HOOD) Stock Price Down 1.8% on Insider Selling

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) dropped 1.8% during mid-day trading on Thursday following insider selling activity. The company traded as low as $53.23 and last traded at $53.24. Approximately 6,004,516 shares traded hands during trading, a decline of 70% from the average daily volume of 20,027,008 shares. The stock had previously closed at $54.20.

Specifically, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of Robinhood Markets stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $51.60, for a total value of $1,290,000.00. Following the completion of the sale, the insider now owns 706,642 shares in the company, valued at $36,462,727.20. The trade was a 3.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on HOOD shares. KeyCorp raised their target price on shares of Robinhood Markets from $50.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. The Goldman Sachs Group upgraded Robinhood Markets from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $40.00 to $46.00 in a research note on Friday, December 6th. Sanford C. Bernstein lifted their price objective on Robinhood Markets from $30.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Keefe, Bruyette & Woods increased their target price on Robinhood Markets from $24.00 to $38.00 and gave the stock a “market perform” rating in a report on Friday, December 20th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Robinhood Markets from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.73.

Robinhood Markets Stock Performance

The firm has a market cap of $47.11 billion, a P/E ratio of 90.24, a P/E/G ratio of 0.70 and a beta of 2.13. The company’s 50 day moving average is $42.82 and its 200 day moving average is $30.75.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. New Wave Wealth Advisors LLC bought a new stake in Robinhood Markets during the 4th quarter worth $26,000. Silicon Valley Capital Partners acquired a new stake in shares of Robinhood Markets during the fourth quarter valued at about $37,000. Bogart Wealth LLC bought a new stake in shares of Robinhood Markets during the fourth quarter worth about $37,000. Spire Wealth Management increased 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 valued at $40,000 after buying an additional 549 shares during the period. Finally, Allworth Financial LP raised its holdings in Robinhood Markets by 130.7% in the 4th quarter. Allworth Financial LP now owns 1,135 shares of the company’s stock valued at $42,000 after buying an additional 643 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors.

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.