Robinhood Markets (NASDAQ:HOOD) Shares Gap Down to $22.89

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $22.89, but opened at $22.08. Robinhood Markets shares last traded at $22.09, with a volume of 1,791,356 shares trading hands.

Wall Street Analyst Weigh In

HOOD has been the topic of several research reports. Citigroup raised their price objective on Robinhood Markets from $16.00 to $18.00 and gave the company a “sell” rating in a research report on Thursday, June 13th. Deutsche Bank Aktiengesellschaft upped their price target on Robinhood Markets from $19.00 to $20.00 and gave the stock a “hold” rating in a report on Thursday, June 20th. Barclays lifted their price objective on shares of Robinhood Markets from $16.00 to $18.00 and gave the company an “underweight” rating in a research note on Thursday, May 9th. Bank of America upgraded shares of Robinhood Markets from an “underperform” rating to a “buy” rating and upped their target price for the company from $14.00 to $24.00 in a research note on Friday, May 17th. Finally, Sanford C. Bernstein began coverage on shares of Robinhood Markets in a research note on Thursday, March 14th. They set an “outperform” rating and a $30.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $20.77.

Robinhood Markets Stock Down 2.9 %

The company has a market capitalization of $19.54 billion, a price-to-earnings ratio of 152.60 and a beta of 1.84. The business has a 50-day moving average price of $20.51 and a 200-day moving average price of $16.73.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.13. Robinhood Markets had a net margin of 6.22% and a return on equity of 1.86%. The business had revenue of $618.00 million for the quarter, compared to analyst estimates of $552.74 million. During the same quarter in the previous year, the business earned ($0.57) earnings per share. The firm’s revenue was up 40.1% compared to the same quarter last year. As a group, sell-side analysts predict that Robinhood Markets, Inc. will post 0.56 EPS for the current year.

Insider Activity

In other news, Director Baiju Bhatt sold 16,667 shares of the company’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $17.16, for a total value of $286,005.72. Following the transaction, the director now owns 36,045 shares in the company, valued at approximately $618,532.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Robinhood Markets news, CEO Vladimir Tenev sold 250,000 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $17.93, for a total value of $4,482,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Baiju Bhatt sold 16,667 shares of the business’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $17.16, for a total value of $286,005.72. Following the completion of the sale, the director now owns 36,045 shares of the company’s stock, valued at $618,532.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,231,733 shares of company stock worth $23,852,641. 19.95% of the stock is owned by corporate insiders.

Institutional Trading of Robinhood Markets

Institutional investors and hedge funds have recently modified their holdings of the company. DNB Asset Management AS boosted its holdings in Robinhood Markets by 39.7% in the 2nd quarter. DNB Asset Management AS now owns 85,114 shares of the company’s stock valued at $1,933,000 after purchasing an additional 24,208 shares during the period. GAMMA Investing LLC raised its holdings in Robinhood Markets by 44.9% in the 2nd quarter. GAMMA Investing LLC now owns 2,290 shares of the company’s stock valued at $52,000 after acquiring an additional 710 shares in the last quarter. Railway Pension Investments Ltd lifted its position in shares of Robinhood Markets by 52.6% in the 1st quarter. Railway Pension Investments Ltd now owns 2,393,031 shares of the company’s stock worth $48,172,000 after acquiring an additional 825,307 shares during the period. EULAV Asset Management grew its holdings in shares of Robinhood Markets by 4.5% during the 1st quarter. EULAV Asset Management now owns 700,000 shares of the company’s stock worth $14,091,000 after purchasing an additional 30,000 shares in the last quarter. Finally, Cetera Advisors LLC bought a new stake in shares of Robinhood Markets during the first quarter valued at approximately $606,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

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.