Robinhood Markets (NASDAQ:HOOD) Shares Down 10.1% on Insider Selling

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price fell 10.1% during trading on Thursday following insider selling activity. The stock traded as low as $105.24 and last traded at $106.21. 41,907,251 shares traded hands during trading, an increase of 5% from the average session volume of 40,016,961 shares. The stock had previously closed at $118.16.

Specifically, Director Baiju Bhatt sold 418,338 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $116.56, for a total value of $48,761,477.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Baiju Bhatt sold 418,338 shares of the stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $116.56, for a total transaction of $48,761,477.28. The disclosure for this sale is available in the SEC filing.

Wall Street Analyst Weigh In

HOOD has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods boosted their price target on shares of Robinhood Markets from $121.00 to $135.00 and gave the stock a “market perform” rating in a report on Thursday, November 6th. CICC Research initiated coverage on Robinhood Markets in a report on Monday, October 27th. They set an “outperform” rating and a $155.00 target price for the company. Piper Sandler reaffirmed an “overweight” rating and set a $140.00 target price (up previously from $120.00) on shares of Robinhood Markets in a report on Tuesday, September 23rd. Morgan Stanley lifted their price objective on Robinhood Markets from $110.00 to $146.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 1st. Finally, Compass Point restated a “buy” rating on shares of Robinhood Markets in a research note on Monday, October 27th. Fourteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Robinhood Markets currently has an average rating of “Moderate Buy” and an average price target of $136.95.

Robinhood Markets Stock Performance

The firm has a 50-day moving average of $132.71 and a 200-day moving average of $104.20. The firm has a market capitalization of $95.50 billion, a P/E ratio of 44.07, a price-to-earnings-growth ratio of 2.57 and a beta of 2.42.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, November 5th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.15 billion. During the same quarter last year, the business earned $0.17 earnings per share. The business’s revenue was up 100.0% on a year-over-year basis. Equities analysts anticipate that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Robinhood Markets

Several hedge funds and other institutional investors have recently modified their holdings of HOOD. Vanguard Group Inc. lifted its stake in Robinhood Markets by 24.9% in the third quarter. Vanguard Group Inc. now owns 94,437,054 shares of the company’s stock worth $13,521,497,000 after acquiring an additional 18,824,923 shares during the period. State Street Corp raised its holdings in Robinhood Markets by 103.2% in the 3rd quarter. State Street Corp now owns 32,246,155 shares of the company’s stock worth $4,617,004,000 after purchasing an additional 16,375,734 shares in the last quarter. WCM Investment Management LLC lifted its position in shares of Robinhood Markets by 3,615.7% in the 2nd quarter. WCM Investment Management LLC now owns 11,555,160 shares of the company’s stock worth $1,081,910,000 after purchasing an additional 11,244,182 shares during the period. Norges Bank purchased a new stake in shares of Robinhood Markets in the 2nd quarter worth about $973,122,000. Finally, Kingstone Capital Partners Texas LLC bought a new stake in shares of Robinhood Markets during the 2nd quarter valued at about $951,479,000. 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.