Robinhood Markets (NASDAQ:HOOD) Trading Down 1.8% – Here’s Why

Robinhood Markets, Inc. (NASDAQ:HOOD) was down 1.8% during mid-day trading on Wednesday . The stock traded as low as $104.33 and last traded at $104.48. Approximately 11,003,716 shares were traded during mid-day trading, a decline of 63% from the average session volume of 29,611,994 shares. The stock had previously closed at $106.36.

Wall Street Analysts Forecast Growth

HOOD has been the topic of a number of analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Robinhood Markets in a research note on Wednesday, June 24th. Jefferies Financial Group dropped their price objective on Robinhood Markets from $88.00 to $84.00 and set a “buy” rating for the company in a report on Monday, April 6th. Citizens Jmp reissued a “market outperform” rating and issued a $155.00 target price on shares of Robinhood Markets in a research note on Thursday, May 28th. Sanford C. Bernstein raised their target price on Robinhood Markets from $130.00 to $160.00 and gave the stock an “outperform” rating in a report on Monday. Finally, China Renaissance assumed coverage on Robinhood Markets in a research report on Tuesday, July 7th. They set a “buy” rating for the company. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.22.

Robinhood Markets Stock Performance

The stock’s fifty day moving average price is $96.17 and its 200-day moving average price is $88.57. The company has a market capitalization of $91.47 billion, a P/E ratio of 49.07, a PEG ratio of 2.21 and a beta of 2.33.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.01). The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.14 billion. Robinhood Markets had a return on equity of 21.39% and a net margin of 41.12%.The company’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.37 EPS. On average, research analysts predict that Robinhood Markets, Inc. will post 1.86 EPS for the current fiscal year.

Insider Activity at Robinhood Markets

In related news, insider Daniel Martin Gallagher, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $83.68, for a total transaction of $836,800.00. Following the transaction, the insider directly owned 481,396 shares of the company’s stock, valued at approximately $40,283,217.28. The trade was a 2.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Meyer Malka purchased 250,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average price of $80.74 per share, for a total transaction of $20,185,000.00. Following the purchase, the director owned 3,924,427 shares in the company, valued at $316,858,235.98. This trade represents a 6.80% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders purchased 680,000 shares of company stock worth $55,306,560 and sold 587,875 shares worth $62,602,915. 13.48% of the stock is owned by insiders.

Institutional Trading of Robinhood Markets

A number of hedge funds have recently modified their holdings of HOOD. Whitener Capital Management Inc. bought a new stake in shares of Robinhood Markets during the 2nd quarter worth about $267,000. Tema ETFs LLC raised its holdings in Robinhood Markets by 9.8% in the 2nd quarter. Tema ETFs LLC now owns 14,568 shares of the company’s stock valued at $1,461,000 after acquiring an additional 1,305 shares during the period. Canvas Wealth Advisors LLC lifted its position in Robinhood Markets by 4.6% during the second quarter. Canvas Wealth Advisors LLC now owns 42,697 shares of the company’s stock worth $4,282,000 after acquiring an additional 1,888 shares during the last quarter. Arkfeld Wealth Strategies L.L.C. boosted its holdings in shares of Robinhood Markets by 12.0% during the second quarter. Arkfeld Wealth Strategies L.L.C. now owns 17,856 shares of the company’s stock worth $1,791,000 after acquiring an additional 1,912 shares during the period. Finally, E. Ohman J or Asset Management AB grew its position in shares of Robinhood Markets by 52.1% in the second quarter. E. Ohman J or Asset Management AB now owns 27,727 shares of the company’s stock valued at $2,780,000 after purchasing an additional 9,500 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Company Profile

Robinhood Markets, Inc (NASDAQ: HOOD) is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to “democratize finance for all.” Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood’s core products and services include a mobile app and web platform for trading U.S.