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 traded.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on HOOD. JMP Securities reiterated a “market outperform” rating and set a $30.00 price objective on shares of Robinhood Markets in a research note on Friday, June 7th. Barclays raised their target price on Robinhood Markets from $16.00 to $18.00 and gave the company an “underweight” rating in a report on Thursday, May 9th. The Goldman Sachs Group lifted their price objective on shares of Robinhood Markets from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. Wolfe Research upgraded shares of Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 target price for the company in a research note on Wednesday, June 26th. Finally, Citigroup lifted their price target on shares of Robinhood Markets from $16.00 to $18.00 and gave the stock a “sell” rating in a research note on Thursday, June 13th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $20.77.

Robinhood Markets Trading Down 2.9 %

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

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

Insider Activity at Robinhood Markets

In related news, CEO Vladimir Tenev sold 25,049 shares of Robinhood Markets stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $17.04, for a total value of $426,834.96. Following the completion of the sale, the chief executive officer now owns 32,584 shares of the company’s stock, valued at approximately $555,231.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Robinhood Markets news, Director Baiju Bhatt sold 116,669 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $22.02, for a total value of $2,569,051.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Tenev sold 25,049 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $17.04, for a total value of $426,834.96. Following the completion of the transaction, the chief executive officer now owns 32,584 shares of the company’s stock, valued at $555,231.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,231,733 shares of company stock valued at $23,852,641. Corporate insiders own 19.95% of the company’s stock.

Institutional Trading of Robinhood Markets

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Robinhood Markets by 4.5% in the third quarter. Vanguard Group Inc. now owns 57,261,184 shares of the company’s stock worth $561,732,000 after purchasing an additional 2,459,702 shares during the period. ARK Investment Management LLC increased its holdings in shares of Robinhood Markets by 6.4% in the fourth quarter. ARK Investment Management LLC now owns 34,936,204 shares of the company’s stock worth $445,087,000 after acquiring an additional 2,101,325 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Robinhood Markets by 9.4% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 29,205,693 shares of the company’s stock valued at $372,081,000 after purchasing an additional 2,517,012 shares in the last quarter. Nikko Asset Management Americas Inc. increased its stake in Robinhood Markets by 9.6% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 28,297,822 shares of the company’s stock worth $360,514,000 after purchasing an additional 2,486,986 shares in the last quarter. Finally, Norges Bank bought a new position in Robinhood Markets in the fourth quarter valued at approximately $84,165,000. Institutional investors and hedge funds 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.