Robinhood Markets (NASDAQ:HOOD) Shares Down 2.6% After Insider Selling

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price dropped 2.6% on Monday following insider selling activity. The stock traded as low as $21.66 and last traded at $21.70. Approximately 3,822,396 shares traded hands during trading, a decline of 77% from the average daily volume of 16,366,243 shares. The stock had previously closed at $22.29.

Specifically, CFO Jason Warnick sold 5,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $19.59, for a total transaction of $97,950.00. Following the sale, the chief financial officer now owns 1,002,407 shares of the company’s stock, valued at approximately $19,637,153.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Baiju Bhatt sold 121,226 shares of Robinhood Markets stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $21.63, for a total value of $2,622,118.38. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Jason Warnick sold 5,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $19.59, for a total transaction of $97,950.00. Following the completion of the sale, the chief financial officer now directly owns 1,002,407 shares of the company’s stock, valued at $19,637,153.13. The disclosure for this sale can be found here. Insiders have sold 1,486,733 shares of company stock valued at $28,618,091 in the last 90 days. Insiders own 19.95% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Needham & Company LLC restated a “hold” rating on shares of Robinhood Markets in a research note on Thursday, June 6th. Wolfe Research raised shares of Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 price objective on the stock in a research note on Wednesday. Piper Sandler upped their price target on Robinhood Markets from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. Citigroup boosted their target price on Robinhood Markets from $16.00 to $18.00 and gave the stock a “sell” rating in a report on Thursday, June 13th. Finally, Sanford C. Bernstein initiated coverage on Robinhood Markets in a research report on Thursday, March 14th. They issued an “outperform” rating and a $30.00 price target for the company. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Robinhood Markets currently has an average rating of “Hold” and an average price target of $20.77.

Robinhood Markets Trading Up 0.8 %

The stock has a 50 day moving average of $19.74 and a 200-day moving average of $16.26. The company has a market capitalization of $19.61 billion, a P/E ratio of 150.53 and a beta of 1.83.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Spire Wealth Management bought a new stake in shares of Robinhood Markets in the 4th quarter valued at approximately $26,000. PNC Financial Services Group Inc. increased its position in Robinhood Markets by 46.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,275 shares of the company’s stock valued at $29,000 after acquiring an additional 722 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Robinhood Markets in the 1st quarter worth about $34,000. Whittier Trust Co. grew its holdings in Robinhood Markets by 100.0% during the 4th quarter. Whittier Trust Co. now owns 4,634 shares of the company’s stock valued at $59,000 after purchasing an additional 2,317 shares during the last quarter. Finally, SageView Advisory Group LLC purchased a new position in shares of Robinhood Markets during the first quarter valued at approximately $84,000. Institutional investors own 93.27% of the company’s stock.

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.