Robinhood Markets (NASDAQ:HOOD) Stock Price Down 3.5% – Here’s What Happened

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price dropped 3.5% during mid-day trading on Monday . The company traded as low as $114.10 and last traded at $115.26. Approximately 28,184,838 shares were traded during trading, a decline of 28% from the average daily volume of 39,194,059 shares. The stock had previously closed at $119.50.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on HOOD shares. The Goldman Sachs Group raised their target price on shares of Robinhood Markets from $134.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Dbs Bank raised shares of Robinhood Markets to a “moderate buy” rating in a report on Wednesday, November 12th. Barclays upped their target price on shares of Robinhood Markets from $168.00 to $171.00 and gave the company an “overweight” rating in a research report on Friday, December 12th. CICC Research assumed coverage on Robinhood Markets in a research report on Monday, October 27th. They issued an “outperform” rating and a $155.00 price target on the stock. Finally, Keefe, Bruyette & Woods upped their price objective on Robinhood Markets from $121.00 to $135.00 and gave the company a “market perform” rating in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $137.25.

Robinhood Markets Stock Performance

The company has a 50-day moving average of $130.95 and a 200-day moving average of $113.12. The firm has a market capitalization of $104.13 billion, a price-to-earnings ratio of 48.05, a price-to-earnings-growth ratio of 2.32 and a beta of 2.43.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.20. Robinhood Markets had a net margin of 52.19% and a return on equity of 21.74%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the firm posted $0.17 earnings per share. The business’s revenue was up 100.0% on a year-over-year basis. As a group, analysts anticipate that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Insider Activity at Robinhood Markets

In other Robinhood Markets news, Director Baiju Bhatt sold 1,330,000 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $128.47, for a total value of $170,865,100.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $139.73, for a total transaction of $104,797,500.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 3,686,763 shares of company stock valued at $475,858,262 in the last quarter. 19.95% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

Several hedge funds and other institutional investors have recently made changes to their positions in HOOD. Vanguard Group Inc. lifted its stake in Robinhood Markets by 24.9% in the 3rd quarter. Vanguard Group Inc. now owns 94,437,054 shares of the company’s stock valued at $13,521,497,000 after purchasing an additional 18,824,923 shares during the last quarter. State Street Corp boosted its stake in shares of Robinhood Markets by 103.2% during the 3rd quarter. State Street Corp now owns 32,246,155 shares of the company’s stock worth $4,617,004,000 after acquiring an additional 16,375,734 shares during the period. Geode Capital Management LLC raised its stake in Robinhood Markets by 4.0% in the 2nd quarter. Geode Capital Management LLC now owns 13,176,539 shares of the company’s stock valued at $1,233,840,000 after acquiring an additional 507,926 shares during the period. WCM Investment Management LLC lifted its holdings in Robinhood Markets by 3,615.7% during the 2nd quarter. WCM Investment Management LLC now owns 11,555,160 shares of the company’s stock valued at $1,081,910,000 after purchasing an additional 11,244,182 shares during the last quarter. Finally, Norges Bank bought a new position in Robinhood Markets during the second quarter worth $973,122,000. 93.27% of the stock is 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.