Robinhood Markets (NASDAQ:HOOD) Stock Price Down 2.1% on Insider Selling

Robinhood Markets, Inc. (NASDAQ:HOOD) fell 2.1% on Friday following insider selling activity. The stock traded as low as $119.82 and last traded at $122.11. 23,607,239 shares were traded during trading, a decline of 15% from the average daily volume of 27,893,854 shares. The stock had previously closed at $124.72.

Specifically, insider Daniel Gallagher, Jr. sold 10,000 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $122.43, for a total transaction of $1,224,300.00. Following the completion of the transaction, the insider directly owned 509,943 shares of the company’s stock, valued at $62,432,321.49. This represents a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Quirk sold 24,416 shares of Robinhood Markets stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $120.33, for a total value of $2,937,977.28. Following the completion of the sale, the insider directly owned 77,839 shares in the company, valued at $9,366,366.87. This represents a 23.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analyst Weigh In

HOOD has been the subject 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. Loop Capital set a $105.00 price target on Robinhood Markets in a research note on Thursday, July 30th. Needham & Company LLC dropped their price objective on Robinhood Markets from $123.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Cantor Fitzgerald cut their price objective 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. Finally, Scotiabank initiated coverage on Robinhood Markets in a report on Wednesday. They issued a “sector outperform” rating and a $136.00 target price for the company. One research 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 stock. According to MarketBeat, Robinhood Markets presently has an average rating of “Moderate Buy” and a consensus target price of $122.67.

Trending Headlines about 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

Robinhood Markets Price Performance

The company has a market capitalization of $109.79 billion, a price-to-earnings ratio of 53.79, a P/E/G ratio of 2.50 and a beta of 2.34. 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 company has a fifty day simple moving average of $102.73 and a two-hundred day simple moving average of $88.26.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Wednesday, July 29th. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.18. Robinhood Markets had a return on equity of 22.43% and a net margin of 42.01%.The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the prior year, the business posted $0.42 earnings per share. The firm’s revenue for the quarter was up 32.5% compared to the same quarter last year. As a group, research analysts anticipate that Robinhood Markets, Inc. will post 2.09 earnings per share for the current year.

Hedge Funds Weigh In On Robinhood Markets

Several institutional investors and hedge funds have recently bought and sold shares of HOOD. Parkside Financial Bank & Trust grew its stake in shares of Robinhood Markets by 11.9% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,089 shares of the company’s stock valued at $109,000 after buying an additional 116 shares during the period. Tucker Asset Management LLC acquired a new stake in shares of Robinhood Markets in the second quarter valued at about $536,000. Groupe la Francaise purchased a new stake in shares of Robinhood Markets during the second quarter valued at approximately $5,544,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Robinhood Markets in the 2nd quarter worth $6,918,000. Finally, California State Teachers Retirement System lifted its holdings in Robinhood Markets by 9,976.4% in the 2nd quarter. California State Teachers Retirement System now owns 113,132,988 shares of the company’s stock worth $11,344,976,000 after buying an additional 112,010,233 shares in 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.