Robinhood Markets, Inc. (NASDAQ:HOOD) Sees Large Decrease in Short Interest

Robinhood Markets, Inc. (NASDAQ:HOOD) was the target of a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 30,050,000 shares, a drop of 6.7% from the March 15th total of 32,200,000 shares. Based on an average daily volume of 15,420,000 shares, the days-to-cover ratio is presently 1.9 days. Approximately 6.9% of the company’s stock are sold short.

Robinhood Markets Stock Down 1.1 %

Shares of Robinhood Markets stock opened at $17.00 on Tuesday. The firm has a market cap of $14.87 billion, a price-to-earnings ratio of -28.65 and a beta of 1.68. Robinhood Markets has a 52-week low of $7.91 and a 52-week high of $20.55. The company’s 50-day simple moving average is $16.46 and its 200-day simple moving average is $12.49.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Tuesday, February 13th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.04. Robinhood Markets had a negative net margin of 29.01% and a negative return on equity of 7.87%. The company had revenue of $471.00 million for the quarter, compared to analyst estimates of $454.73 million. During the same period in the previous year, the firm earned ($0.19) EPS. The business’s revenue was up 23.9% on a year-over-year basis. Equities research analysts anticipate that Robinhood Markets will post 0.29 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Citigroup downgraded Robinhood Markets from a “neutral” rating to a “sell” rating and increased their price objective for the company from $13.00 to $16.00 in a report on Thursday, April 11th. Deutsche Bank Aktiengesellschaft raised their price objective on Robinhood Markets from $12.00 to $16.00 and gave the stock a “hold” rating in a report on Tuesday, March 19th. Morgan Stanley upped their target price on Robinhood Markets from $11.00 to $18.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 9th. Keefe, Bruyette & Woods started coverage on Robinhood Markets in a research report on Wednesday, April 3rd. They set a “market perform” rating and a $20.00 price target on the stock. Finally, The Goldman Sachs Group increased their price objective on Robinhood Markets from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Monday. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Robinhood Markets currently has an average rating of “Hold” and a consensus target price of $18.81.

Insider Activity

In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $10.61, for a total value of $132,625.00. Following the completion of the transaction, the insider now owns 738,291 shares of the company’s stock, valued at approximately $7,833,267.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Robinhood Markets news, CEO Vladimir Tenev sold 250,000 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $10.61, for a total value of $2,652,500.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $10.61, for a total transaction of $132,625.00. Following the transaction, the insider now owns 738,291 shares of the company’s stock, valued at approximately $7,833,267.51. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,212,150 shares of company stock valued at $33,495,819. 20.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

Several hedge funds have recently bought and sold shares of HOOD. Bank of New York Mellon Corp increased its position in shares of Robinhood Markets by 15.5% in the third quarter. Bank of New York Mellon Corp now owns 2,419,817 shares of the company’s stock valued at $23,738,000 after buying an additional 325,506 shares in the last quarter. California Public Employees Retirement System increased its holdings in Robinhood Markets by 12.2% during the 3rd quarter. California Public Employees Retirement System now owns 1,009,592 shares of the company’s stock valued at $9,904,000 after acquiring an additional 109,652 shares in the last quarter. Seven Eight Capital LP acquired a new position in Robinhood Markets during the third quarter worth about $131,000. Quantbot Technologies LP lifted its holdings in shares of Robinhood Markets by 583.1% in the third quarter. Quantbot Technologies LP now owns 132,612 shares of the company’s stock valued at $1,301,000 after purchasing an additional 113,199 shares in the last quarter. Finally, Gulf International Bank UK Ltd acquired a new stake in shares of Robinhood Markets in the fourth quarter valued at approximately $764,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

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.