Robinhood Markets (NASDAQ:HOOD) Stock Price Down 6.7% – Here’s What Happened

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price fell 6.7% during mid-day trading on Tuesday . The stock traded as low as $39.18 and last traded at $39.22. 16,850,263 shares changed hands during mid-day trading, a decline of 18% from the average session volume of 20,517,385 shares. The stock had previously closed at $42.02.

Analysts Set New Price Targets

Several brokerages recently issued reports on HOOD. JPMorgan Chase & Co. raised their target price on shares of Robinhood Markets from $39.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. The Goldman Sachs Group upgraded shares of Robinhood Markets from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $40.00 to $46.00 in a research report on Friday, December 6th. Piper Sandler raised their price objective on shares of Robinhood Markets from $54.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Sanford C. Bernstein raised their price objective on shares of Robinhood Markets from $30.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Finally, Raymond James started coverage on shares of Robinhood Markets in a research report on Wednesday, February 5th. They set a “market perform” rating for the company. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $61.29.

Robinhood Markets Trading Up 6.7 %

The company has a market cap of $37.90 billion, a P/E ratio of 27.26, a PEG ratio of 1.05 and a beta of 2.14. The stock’s 50-day moving average price is $48.90 and its 200-day moving average price is $36.94.

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

Insider Buying and Selling

In related news, CTO Jeffrey Tsvi Pinner sold 5,876 shares of Robinhood Markets stock in a transaction on Friday, December 20th. The shares were sold at an average price of $37.92, for a total value of $222,817.92. Following the transaction, the chief technology officer now owns 11,752 shares in the company, valued at $445,635.84. This trade represents a 33.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel Martin Gallagher, Jr. sold 300,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $37.51, for a total transaction of $11,253,000.00. Following the completion of the transaction, the insider now owns 806,955 shares in the company, valued at $30,268,882.05. The trade was a 27.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,985,127 shares of company stock valued at $142,455,378. Company insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its stake in Robinhood Markets by 85.3% during the third quarter. Victory Capital Management Inc. now owns 117,383 shares of the company’s stock worth $2,749,000 after acquiring an additional 54,046 shares in the last quarter. CIBC Asset Management Inc raised its holdings in shares of Robinhood Markets by 3.4% during the third quarter. CIBC Asset Management Inc now owns 21,731 shares of the company’s stock valued at $509,000 after purchasing an additional 724 shares during the last quarter. Natixis Advisors LLC increased its holdings in Robinhood Markets by 44.0% during the third quarter. Natixis Advisors LLC now owns 33,980 shares of the company’s stock valued at $796,000 after buying an additional 10,376 shares during the last quarter. Quest Partners LLC increased its holdings in Robinhood Markets by 1,008.4% during the third quarter. Quest Partners LLC now owns 15,086 shares of the company’s stock valued at $353,000 after buying an additional 13,725 shares during the last quarter. Finally, Caprock Group LLC increased its holdings in Robinhood Markets by 1.3% during the third quarter. Caprock Group LLC now owns 100,527 shares of the company’s stock valued at $2,354,000 after buying an additional 1,256 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

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.