Robinhood Markets, Inc. (NASDAQ:HOOD – Get Free Report) shares gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $28.21, but opened at $26.02. Robinhood Markets shares last traded at $24.94, with a volume of 6,772,435 shares trading hands.
The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.01). The firm had revenue of $637.00 million for the quarter, compared to the consensus estimate of $660.53 million. Robinhood Markets had a net margin of 12.96% and a return on equity of 4.25%. The business’s revenue for the quarter was up 36.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.09) earnings per share.
Analysts Set New Price Targets
Several research analysts recently commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Robinhood Markets in a research note on Thursday. The Goldman Sachs Group raised their price target on shares of Robinhood Markets from $22.50 to $25.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Citigroup raised their price target on shares of Robinhood Markets from $19.00 to $23.00 and gave the stock a “neutral” rating in a report on Friday, September 27th. JPMorgan Chase & Co. raised their price objective on shares of Robinhood Markets from $17.00 to $21.00 and gave the stock an “underweight” rating in a report on Thursday, October 17th. Finally, Barclays increased their price target on Robinhood Markets from $20.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Robinhood Markets currently has a consensus rating of “Hold” and an average price target of $24.97.
Insider Activity at Robinhood Markets
In related news, Director Baiju Bhatt sold 143,944 shares of the stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $18.73, for a total value of $2,696,071.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Robinhood Markets news, Director Baiju Bhatt sold 143,944 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $18.73, for a total value of $2,696,071.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Vladimir Tenev sold 250,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $16.05, for a total transaction of $4,012,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,639,654 shares of company stock worth $110,241,632. 19.95% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Robinhood Markets
A number of large investors have recently modified their holdings of HOOD. HM Payson & Co. boosted its stake in Robinhood Markets by 53.5% in the third quarter. HM Payson & Co. now owns 1,176 shares of the company’s stock valued at $28,000 after acquiring an additional 410 shares during the last quarter. Eastern Bank bought a new position in shares of Robinhood Markets in the 3rd quarter worth $30,000. ORG Wealth Partners LLC acquired a new stake in shares of Robinhood Markets during the third quarter worth $33,000. ORG Partners LLC acquired a new position in Robinhood Markets in the second quarter valued at about $33,000. Finally, Allspring Global Investments Holdings LLC bought a new position in Robinhood Markets during the first quarter worth about $34,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.
Robinhood Markets Stock Performance
The company has a market capitalization of $21.80 billion, a price-to-earnings ratio of 74.85 and a beta of 1.84. The company has a 50-day moving average price of $23.32 and a 200-day moving average price of $21.34.
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.
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