Robinhood Markets (NASDAQ:HOOD) Stock Price Down 4.7% After Insider Selling

Robinhood Markets, Inc. (NASDAQ:HOOD) traded down 4.7% during trading on Wednesday following insider selling activity. The stock traded as low as $45.33 and last traded at $45.90. 14,427,501 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 21,283,353 shares. The stock had previously closed at $48.15.

Specifically, Director Baiju Bhatt sold 223,528 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $43.21, for a total transaction of $9,658,644.88. Following the sale, the director now directly owns 5,042 shares in the company, valued at $217,864.82. This represents a 97.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $43.36, for a total value of $253,786.08. Following the completion of the sale, the chief technology officer now owns 11,706 shares in the company, valued at approximately $507,572.16. The trade was a 33.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on HOOD. Keefe, Bruyette & Woods upped their target price on shares of Robinhood Markets from $38.00 to $60.00 and gave the stock a “market perform” rating in a research note on Tuesday, February 18th. Compass Point started coverage on shares of Robinhood Markets in a research report on Wednesday, March 19th. They set a “buy” rating and a $61.00 price objective for the company. KeyCorp increased their target price on Robinhood Markets from $57.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Cantor Fitzgerald began coverage on Robinhood Markets in a report on Thursday, March 6th. They set an “overweight” rating and a $69.00 price target for the company. Finally, Raymond James assumed coverage on Robinhood Markets in a report on Wednesday, February 5th. They issued a “market perform” rating on the stock. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.29.

Robinhood Markets Stock Performance

The firm has a market capitalization of $40.64 billion, a PE ratio of 29.23, a price-to-earnings-growth ratio of 1.05 and a beta of 2.14. The firm’s 50-day moving average is $49.35 and its 200 day moving average is $37.82.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share (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%. As a group, equities analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Institutional Investors Weigh In On Robinhood Markets

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC boosted its stake in Robinhood Markets by 184.8% in the 4th quarter. FMR LLC now owns 40,237,478 shares of the company’s stock worth $1,499,248,000 after buying an additional 26,107,934 shares during the last quarter. Newlands Management Operations LLC boosted its position in shares of Robinhood Markets by 1.1% in the fourth quarter. Newlands Management Operations LLC now owns 24,158,860 shares of the company’s stock worth $900,159,000 after acquiring an additional 273,860 shares during the last quarter. State Street Corp grew its holdings in Robinhood Markets by 8.7% in the third quarter. State Street Corp now owns 13,558,321 shares of the company’s stock valued at $317,536,000 after purchasing an additional 1,085,679 shares during the period. Geode Capital Management LLC increased its position in Robinhood Markets by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 12,175,972 shares of the company’s stock worth $455,464,000 after purchasing an additional 555,299 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in Robinhood Markets by 34.4% during the fourth quarter. Renaissance Technologies LLC now owns 12,078,116 shares of the company’s stock worth $450,031,000 after purchasing an additional 3,091,514 shares during the last quarter. Hedge funds and other institutional investors 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.