Robinhood Markets (NASDAQ:HOOD) Shares Down 8.5% After Insider Selling

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

Specifically, Director Meyer Malka sold 64,951 shares of Robinhood Markets 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 directly owns 3,235,585 shares of the company’s stock, valued at approximately $160,614,439.40. The trade was a 1.97 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on HOOD. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Robinhood Markets from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. KeyCorp boosted their price target on Robinhood Markets from $57.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. The Goldman Sachs Group upgraded Robinhood Markets from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $40.00 to $46.00 in a report on Friday, December 6th. Citigroup lifted their price objective on Robinhood Markets from $45.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Finally, Piper Sandler lifted their price target on shares of Robinhood Markets from $54.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.53.

Robinhood Markets Stock Down 9.1 %

The company has a market capitalization of $37.73 billion, a price-to-earnings ratio of 27.14, a P/E/G ratio of 1.05 and a beta of 2.13. The firm has a 50 day moving average price of $48.53 and a two-hundred day moving average price of $35.30.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data 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%. Analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Institutional Trading of Robinhood Markets

Several institutional investors have recently added to or reduced their stakes in the stock. New Wave Wealth Advisors LLC acquired a new stake in shares of Robinhood Markets in the 4th quarter valued at about $26,000. True Wealth Design LLC acquired a new stake in Robinhood Markets during the third quarter valued at approximately $30,000. CoreCap Advisors LLC lifted its holdings in Robinhood Markets by 191.6% during the 4th quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock worth $31,000 after buying an additional 550 shares during the last quarter. Creative Financial Designs Inc. ADV grew its position in shares of Robinhood Markets by 750.0% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company’s stock worth $32,000 after acquiring an additional 750 shares in the last quarter. Finally, Colonial Trust Co SC bought a new stake in shares of Robinhood Markets in the 4th quarter valued at approximately $34,000. 93.27% of the stock is owned by institutional investors and hedge funds.

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.