Robinhood Markets (NASDAQ:HOOD) Trading Down 9.2% After Insider Selling

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price fell 9.2% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $43.51 and last traded at $42.57. 11,269,475 shares changed hands during trading, a decline of 60% from the average session volume of 28,418,949 shares. The stock had previously closed at $46.89.

Specifically, Director Meyer Malka sold 64,951 shares of Robinhood Markets stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $49.64, for a total value of $3,224,167.64. Following the sale, the director now directly owns 3,235,585 shares of the company’s stock, valued at $160,614,439.40. The trade was 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.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Needham & Company LLC lifted their target price on shares of Robinhood Markets from $52.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Deutsche Bank Aktiengesellschaft increased their price target on Robinhood Markets from $36.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Keefe, Bruyette & Woods upped their price objective on shares of Robinhood Markets from $38.00 to $60.00 and gave the company a “market perform” rating in a report on Tuesday, February 18th. Sanford C. Bernstein lifted their target price on shares of Robinhood Markets from $30.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Finally, Citigroup increased their price target on shares of Robinhood Markets from $45.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.53.

Robinhood Markets Stock Performance

The stock has a market capitalization of $38.30 billion, a price-to-earnings ratio of 27.73, a PEG ratio of 1.05 and a beta of 2.13. The company has a 50 day moving average of $48.53 and a 200 day moving average of $35.30.

Robinhood Markets (NASDAQ:HOOD) last issued its 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, research analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Robinhood Markets

Hedge funds have recently made changes to their positions in the company. New Wave Wealth Advisors LLC acquired a new stake in shares of Robinhood Markets in the 4th quarter valued at about $26,000. CoreCap Advisors LLC boosted its holdings in shares of Robinhood Markets by 191.6% in the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock valued at $31,000 after acquiring an additional 550 shares during the period. Creative Financial Designs Inc. ADV grew its position in shares of Robinhood Markets by 750.0% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company’s stock worth $32,000 after acquiring an additional 750 shares during the last quarter. Colonial Trust Co SC acquired a new position in shares of Robinhood Markets in the 4th quarter valued at $34,000. Finally, Silicon Valley Capital Partners purchased a new stake in Robinhood Markets in the 4th quarter valued at $37,000. 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.