Robinhood Markets (NASDAQ:HOOD) Stock Price Down 1.6% – Here’s Why

Robinhood Markets, Inc. (NASDAQ:HOOD) dropped 1.6% on Tuesday . The stock traded as low as $104.66 and last traded at $105.24. Approximately 18,225,370 shares were traded during mid-day trading, a decline of 12% from the average daily volume of 20,814,986 shares. The stock had previously closed at $107.00.

Analyst Upgrades and Downgrades

Several research firms recently commented on HOOD. Morgan Stanley boosted their target price on Robinhood Markets from $146.00 to $147.00 and gave the stock an “equal weight” rating in a research report on Monday, December 22nd. Cantor Fitzgerald cut their price target on shares of Robinhood Markets from $155.00 to $152.00 and set an “overweight” rating for the company in a research report on Thursday, December 11th. The Goldman Sachs Group restated a “buy” rating on shares of Robinhood Markets in a report on Monday, January 5th. Compass Point restated a “buy” rating on shares of Robinhood Markets in a report on Monday, October 27th. Finally, Needham & Company LLC reduced their price objective on shares of Robinhood Markets from $145.00 to $135.00 and set a “buy” rating on the stock in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Robinhood Markets currently has a consensus rating of “Moderate Buy” and an average target price of $136.62.

Robinhood Markets Stock Down 1.6%

The company has a market cap of $94.63 billion, a P/E ratio of 43.67, a P/E/G ratio of 1.67 and a beta of 2.44. The business has a fifty day simple moving average of $118.77 and a two-hundred day simple moving average of $119.93.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.20. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Robinhood Markets had a return on equity of 21.74% and a net margin of 52.19%.The business’s quarterly revenue was up 100.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.17 earnings per share. On average, equities analysts predict that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Daniel Martin Gallagher, Jr. sold 10,000 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $121.58, for a total value of $1,215,800.00. Following the sale, the insider directly owned 403,612 shares in the company, valued at $49,071,146.96. The trade was a 2.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Vladimir Tenev sold 375,000 shares of the stock in a transaction on Monday, January 5th. The shares were sold at an average price of $121.63, for a total value of $45,611,250.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 2,872,561 shares of company stock valued at $357,470,545 in the last three months. Corporate insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC increased its holdings in Robinhood Markets by 46.7% in the first quarter. Empowered Funds LLC now owns 49,870 shares of the company’s stock valued at $2,076,000 after buying an additional 15,885 shares in the last quarter. TD Private Client Wealth LLC lifted its holdings in Robinhood Markets by 52.8% in the 2nd quarter. TD Private Client Wealth LLC now owns 2,795 shares of the company’s stock valued at $262,000 after purchasing an additional 966 shares in the last quarter. Perigon Wealth Management LLC grew its stake in Robinhood Markets by 44.0% during the 2nd quarter. Perigon Wealth Management LLC now owns 8,062 shares of the company’s stock valued at $755,000 after acquiring an additional 2,463 shares in the last quarter. ST Germain D J Co. Inc. acquired a new stake in shares of Robinhood Markets in the second quarter valued at approximately $72,000. Finally, V Square Quantitative Management LLC acquired a new position in Robinhood Markets during the second quarter worth $36,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

About Robinhood Markets

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.