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

Robinhood Markets, Inc. (NASDAQ:HOOD) shares dropped 8.5% 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 traded 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 the firm’s stock in a transaction dated 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 transaction, the director now owns 3,235,585 shares of the company’s stock, valued at $160,614,439.40. This trade represents a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on HOOD shares. Barclays upped their price target on shares of Robinhood Markets from $54.00 to $76.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Morgan Stanley lifted their price target on Robinhood Markets from $64.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Keefe, Bruyette & Woods raised their target price on Robinhood Markets from $38.00 to $60.00 and gave the company a “market perform” rating in a research report on Tuesday, February 18th. Piper Sandler boosted their price target on Robinhood Markets from $54.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Finally, Needham & Company LLC increased their price target on Robinhood Markets from $52.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $59.53.

Robinhood Markets Price Performance

The company has a fifty day simple moving average of $48.53 and a 200-day simple moving average of $35.30. The company has a market cap of $37.73 billion, a P/E ratio of 27.14, a PEG ratio of 1.05 and a beta of 2.13.

Robinhood Markets (NASDAQ:HOOD) last announced its earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. On average, analysts anticipate that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in HOOD. Raymond James & Associates grew its position in Robinhood Markets by 76.6% during the 3rd quarter. Raymond James & Associates now owns 99,278 shares of the company’s stock worth $2,325,000 after purchasing an additional 43,075 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Robinhood Markets by 301.5% during the third quarter. International Assets Investment Management LLC now owns 7,026 shares of the company’s stock valued at $165,000 after buying an additional 5,276 shares in the last quarter. US Bancorp DE raised its position in Robinhood Markets by 94.0% during the third quarter. US Bancorp DE now owns 27,751 shares of the company’s stock valued at $650,000 after buying an additional 13,448 shares during the period. Farther Finance Advisors LLC lifted its stake in Robinhood Markets by 834.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 6,504 shares of the company’s stock worth $152,000 after acquiring an additional 5,808 shares in the last quarter. Finally, Van ECK Associates Corp boosted its position in Robinhood Markets by 24.7% during the 3rd quarter. Van ECK Associates Corp now owns 627,743 shares of the company’s stock worth $14,702,000 after acquiring an additional 124,410 shares during the period. 93.27% of the stock is currently 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.