Robinhood Markets (NASDAQ:HOOD) Trading Down 8.5% on Insider Selling

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) traded down 8.5% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $42.14 and last traded at $42.90. 20,462,413 shares were traded during mid-day trading, a decline of 29% from the average session volume of 28,722,781 shares. The stock had previously closed at $46.89.

Specifically, Director Meyer Malka sold 64,951 shares of the company’s stock in a transaction that occurred on 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. JMP Securities lifted their price objective on shares of Robinhood Markets from $60.00 to $77.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 13th. Citigroup lifted their price target on Robinhood Markets from $45.00 to $60.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Piper Sandler increased their price objective on Robinhood Markets from $54.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Needham & Company LLC lifted their target price on Robinhood Markets from $52.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group upgraded Robinhood Markets from a “neutral” rating to a “buy” rating and upped their target price for the company from $40.00 to $46.00 in a report on Friday, December 6th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Robinhood Markets currently has a consensus rating of “Moderate Buy” and an average price target of $59.53.

Robinhood Markets Stock Performance

The firm has a market cap of $40.93 billion, a price-to-earnings ratio of 29.44, a price-to-earnings-growth ratio of 1.05 and a beta of 2.13. The firm’s 50 day moving average is $48.67 and its 200-day moving average is $35.48.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly 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%. As a group, research analysts predict that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Hedge Funds Weigh In On Robinhood Markets

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank boosted its holdings in shares of Robinhood Markets by 31.1% during the 3rd quarter. Toronto Dominion Bank now owns 68,408 shares of the company’s stock worth $1,602,000 after buying an additional 16,219 shares during the period. IFP Advisors Inc boosted its holdings in Robinhood Markets by 601.1% during the fourth quarter. IFP Advisors Inc now owns 4,396 shares of the company’s stock valued at $164,000 after acquiring an additional 3,769 shares during the period. Everence Capital Management Inc. acquired a new stake in shares of Robinhood Markets in the fourth quarter valued at about $634,000. Atomi Financial Group Inc. increased its stake in shares of Robinhood Markets by 20.7% in the fourth quarter. Atomi Financial Group Inc. now owns 540,910 shares of the company’s stock worth $20,154,000 after purchasing an additional 92,613 shares during the period. Finally, Requisite Capital Management LLC acquired a new position in shares of Robinhood Markets during the 4th quarter worth about $266,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.