Robinhood Markets (NASDAQ:HOOD) Stock Price Down 0.5% Following Insider Selling

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price traded down 0.5% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $59.15 and last traded at $60.16. 10,216,140 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 24,404,799 shares. The stock had previously closed at $60.44.

Specifically, Director Baiju Bhatt sold 522,180 shares of the firm’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $62.70, for a total transaction of $32,740,686.00. Following the sale, the director now directly owns 5,042 shares of the company’s stock, valued at $316,133.40. This trade represents a 99.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Piper Sandler upped their price objective on shares of Robinhood Markets from $54.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Raymond James initiated coverage on Robinhood Markets in a report on Wednesday, February 5th. They issued a “market perform” rating for the company. Deutsche Bank Aktiengesellschaft raised their price objective on Robinhood Markets from $36.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Keefe, Bruyette & Woods upped their target price on Robinhood Markets from $38.00 to $60.00 and gave the company a “market perform” rating in a research note on Tuesday. Finally, Citigroup raised their price target on Robinhood Markets from $45.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.53.

Robinhood Markets Stock Performance

The firm has a market cap of $53.22 billion, a price-to-earnings ratio of 38.32, a price-to-earnings-growth ratio of 0.80 and a beta of 2.13. The company’s fifty day moving average is $46.43 and its two-hundred day moving average is $33.22.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.96% and a net margin of 47.81%. As a group, analysts forecast that Robinhood Markets, Inc. will post 1.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Robinhood Markets

Institutional investors have recently added to or reduced their stakes in the company. New Wave Wealth Advisors LLC acquired a new position in shares of Robinhood Markets in the fourth quarter worth about $26,000. HM Payson & Co. raised its position in shares of Robinhood Markets by 53.5% in the 3rd quarter. HM Payson & Co. now owns 1,176 shares of the company’s stock valued at $28,000 after purchasing an additional 410 shares in the last quarter. Eastern Bank acquired a new stake in shares of Robinhood Markets during the third quarter worth approximately $30,000. True Wealth Design LLC bought a new stake in shares of Robinhood Markets in the third quarter worth $30,000. Finally, CoreCap Advisors LLC increased its stake in shares of Robinhood Markets by 191.6% in the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock worth $31,000 after buying an additional 550 shares during the last quarter. 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.