Robinhood Markets (NASDAQ:HOOD) Trading Down 4.7% After Insider Selling

Robinhood Markets, Inc. (NASDAQ:HOOD) shares fell 4.7% during trading on Wednesday following insider selling activity. The company traded as low as $45.33 and last traded at $45.90. 14,427,501 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 21,283,353 shares. The stock had previously closed at $48.15.

Specifically, Director Baiju Bhatt sold 47,023 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $46.37, for a total transaction of $2,180,456.51. Following the sale, the director now owns 5,042 shares of the company’s stock, valued at $233,797.54. The trade was a 90.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Baiju Bhatt sold 223,528 shares of the firm’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $43.21, for a total value of $9,658,644.88. Following the completion of the transaction, the director now directly owns 5,042 shares of the company’s stock, valued at $217,864.82. The trade was a 97.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $43.36, for a total transaction of $253,786.08. Following the sale, the chief technology officer now directly owns 11,706 shares in the company, valued at approximately $507,572.16. The trade was a 33.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

HOOD has been the subject of a number of recent analyst reports. Morgan Stanley lifted their target price on Robinhood Markets from $64.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. JMP Securities boosted their price objective on shares of Robinhood Markets from $60.00 to $77.00 and gave the company a “market outperform” rating in a research note on Thursday, February 13th. Barclays raised their price target on shares of Robinhood Markets from $54.00 to $76.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Raymond James began coverage on shares of Robinhood Markets in a report on Wednesday, February 5th. They issued a “market perform” rating on the stock. Finally, Keefe, Bruyette & Woods lifted their price objective on Robinhood Markets from $38.00 to $60.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.29.

Robinhood Markets Trading Down 7.1 %

The stock has a market capitalization of $39.61 billion, a P/E ratio of 28.49, a price-to-earnings-growth ratio of 1.05 and a beta of 2.14. The stock’s fifty day moving average price is $49.33 and its two-hundred day moving average price is $37.87.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly 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 net margin of 47.81% and a return on equity of 13.53%. As a group, analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Robinhood Markets

Several institutional investors have recently bought and sold shares of HOOD. Toronto Dominion Bank lifted its position in Robinhood Markets by 31.1% in the third quarter. Toronto Dominion Bank now owns 68,408 shares of the company’s stock valued at $1,602,000 after purchasing an additional 16,219 shares during the last quarter. IFP Advisors Inc raised its holdings in Robinhood Markets by 601.1% during the 4th quarter. IFP Advisors Inc now owns 4,396 shares of the company’s stock valued at $164,000 after buying an additional 3,769 shares during the last quarter. Everence Capital Management Inc. bought a new stake in Robinhood Markets during the 4th quarter valued at $634,000. Charles Schwab Investment Management Inc. boosted its position in Robinhood Markets by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,719,732 shares of the company’s stock valued at $175,857,000 after buying an additional 138,267 shares during the period. Finally, Atomi Financial Group Inc. grew its holdings in Robinhood Markets by 20.7% in the 4th quarter. Atomi Financial Group Inc. now owns 540,910 shares of the company’s stock worth $20,154,000 after acquiring an additional 92,613 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other 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.