Robinhood Markets, Inc. (NASDAQ:HOOD) Sees Large Increase in Short Interest

Robinhood Markets, Inc. (NASDAQ:HOOD) was the recipient of a significant increase in short interest in June. As of June 15th, there was short interest totalling 34,071,600 shares, an increase of 13.6% from the May 31st total of 29,990,000 shares. Currently, 7.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 17,442,600 shares, the short-interest ratio is currently 2.0 days.

Insider Buying and Selling

In related news, CEO Vladimir Tenev sold 250,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $18.67, for a total transaction of $4,667,500.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Robinhood Markets news, Director Baiju Bhatt sold 116,669 shares of Robinhood Markets stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $22.02, for a total transaction of $2,569,051.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vladimir Tenev sold 250,000 shares of Robinhood Markets stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $18.67, for a total transaction of $4,667,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,481,733 shares of company stock valued at $28,520,141. Corporate insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in Robinhood Markets by 44.9% in the second quarter. GAMMA Investing LLC now owns 2,290 shares of the company’s stock valued at $52,000 after acquiring an additional 710 shares in the last quarter. Railway Pension Investments Ltd raised its holdings in Robinhood Markets by 52.6% in the first quarter. Railway Pension Investments Ltd now owns 2,393,031 shares of the company’s stock valued at $48,172,000 after acquiring an additional 825,307 shares in the last quarter. EULAV Asset Management raised its holdings in Robinhood Markets by 4.5% in the first quarter. EULAV Asset Management now owns 700,000 shares of the company’s stock valued at $14,091,000 after acquiring an additional 30,000 shares in the last quarter. Cetera Advisors LLC acquired a new stake in Robinhood Markets in the first quarter valued at $606,000. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Robinhood Markets by 12.5% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,779,376 shares of the company’s stock valued at $35,819,000 after acquiring an additional 197,245 shares in the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Robinhood Markets Stock Performance

Shares of HOOD stock traded up $0.43 on Wednesday, hitting $22.89. The stock had a trading volume of 7,580,680 shares, compared to its average volume of 16,203,112. The firm has a market capitalization of $20.12 billion, a price-to-earnings ratio of 151.07 and a beta of 1.84. The stock’s 50 day moving average is $20.28 and its 200-day moving average is $16.64. Robinhood Markets has a 52-week low of $7.91 and a 52-week high of $24.28.

Robinhood Markets (NASDAQ:HOOD) last announced its earnings results on Wednesday, May 8th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.13. The business had revenue of $618.00 million during 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%. The business’s quarterly revenue was up 40.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.57) earnings per share. Equities analysts expect that Robinhood Markets will post 0.56 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on HOOD. Needham & Company LLC restated a “hold” rating on shares of Robinhood Markets in a research report on Thursday, June 6th. Bank of America raised shares of Robinhood Markets from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $14.00 to $24.00 in a research report on Friday, May 17th. Barclays boosted their price objective on shares of Robinhood Markets from $16.00 to $18.00 and gave the company an “underweight” rating in a research report on Thursday, May 9th. JMP Securities reissued a “market outperform” rating and issued a $30.00 price objective on shares of Robinhood Markets in a research report on Friday, June 7th. Finally, Morgan Stanley boosted their price objective on shares of Robinhood Markets from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Friday, May 10th. 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $20.77.

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.