Steven Quirk Sells 24,416 Shares of Robinhood Markets (NASDAQ:HOOD) Stock

Robinhood Markets, Inc. (NASDAQ:HOOD) insider Steven Quirk sold 24,416 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $120.33, for a total value of $2,937,977.28. Following the sale, the insider owned 77,839 shares of the company’s stock, valued at $9,366,366.87. The trade was a 23.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Robinhood Markets Trading Down 2.1%

NASDAQ HOOD opened at $122.11 on Friday. Robinhood Markets, Inc. has a one year low of $63.51 and a one year high of $153.86. The company’s 50 day moving average price is $102.73 and its 200 day moving average price is $88.26. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.22 and a current ratio of 1.22. The firm has a market capitalization of $109.79 billion, a price-to-earnings ratio of 53.79, a PEG ratio of 2.50 and a beta of 2.34.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.18. Robinhood Markets had a net margin of 42.01% and a return on equity of 22.43%. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the firm earned $0.42 earnings per share. Robinhood Markets’s revenue for the quarter was up 32.5% on a year-over-year basis. On average, sell-side analysts predict that Robinhood Markets, Inc. will post 2.09 EPS for the current year.

Key Stories Impacting Robinhood Markets

Here are the key news stories impacting Robinhood Markets this week:

• Positive Sentiment: Analyst sentiment remains supportive. Scotiabank initiated coverage with a bullish view, while Piper Sandler raised its price target to $145 and expects football-related event contracts to increase activity. Robinhood generated $156 million from event contracts in the second quarter. Robinhood Stock Jumps After Wave of Analysts Upgrade
• Positive Sentiment: Robinhood Chain and crypto activity are emerging growth drivers. The new blockchain reportedly generated about $3.8 million in fees on September 1, while the company now has 13 business lines with more than $100 million in annualized revenue. Deutsche Bank also sees potential upside from Robinhood’s latest crypto initiatives. Robinhood Now Runs 13 Revenue Lines Above $100 Million a Year
• Positive Sentiment: CEO Vlad Tenev said Robinhood’s newly launched Trust Accounts have attracted more than $150 million since August, suggesting early customer demand for the offering. Robinhood Trust Accounts Now Have Over $150 Million

Hedge Funds Weigh In On Robinhood Markets

Institutional investors have recently added to or reduced their stakes in the company. CYBER HORNET ETFs LLC increased its position in shares of Robinhood Markets by 527.8% during the fourth quarter. CYBER HORNET ETFs LLC now owns 226 shares of the company’s stock worth $26,000 after acquiring an additional 190 shares during the last quarter. Elyxium Wealth LLC purchased a new position in Robinhood Markets in the fourth quarter valued at about $27,000. MV Capital Management Inc. purchased a new position in Robinhood Markets in the fourth quarter valued at about $27,000. C M Bidwell & Associates Ltd. purchased a new position in Robinhood Markets in the second quarter valued at about $27,000. Finally, Swiss RE Ltd. acquired a new stake in Robinhood Markets during the 4th quarter valued at approximately $27,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Barclays lowered their price target on Robinhood Markets from $122.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on Robinhood Markets from $105.00 to $113.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Cantor Fitzgerald decreased their target price on Robinhood Markets from $130.00 to $115.00 and set an “overweight” rating for the company in a research report on Monday, August 3rd. Wall Street Zen upgraded Robinhood Markets from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. Finally, Morgan Stanley upgraded Robinhood Markets from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $124.00 to $150.00 in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $122.67.

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.