Robinhood Markets (NASDAQ:HOOD) Stock Price Down 0.3% - Here's Why

Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) was down 0.3% on Tuesday . The company traded as low as $48.46 and last traded at $48.80. Approximately 10,635,274 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 24,922,605 shares. The stock had previously closed at $48.93.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on HOOD. Keefe, Bruyette & Woods restated a "market perform" rating and set a $60.00 target price on shares of Robinhood Markets in a research report on Thursday, March 27th. KeyCorp cut their price target on Robinhood Markets from $75.00 to $55.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Deutsche Bank Aktiengesellschaft decreased their price target on Robinhood Markets from $75.00 to $61.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Wolfe Research downgraded shares of Robinhood Markets from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, February 18th. Finally, Needham & Company LLC reduced their target price on shares of Robinhood Markets from $62.00 to $58.00 and set a "buy" rating for the company in a research note on Thursday. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Robinhood Markets presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.24.

Robinhood Markets Price Performance

The firm has a 50-day simple moving average of $43.08 and a two-hundred day simple moving average of $41.56. The company has a market cap of $43.02 billion, a PE ratio of 30.95, a P/E/G ratio of 1.05 and a beta of 2.17.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.04). The business had revenue of $927.00 million for the quarter, compared to analysts' expectations of $917.12 million. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. The business's quarterly revenue was up 50.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.18 earnings per share. Equities research analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Insiders Place Their Bets

In related news, insider Daniel Martin Gallagher, Jr. sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $60.77, for a total transaction of $3,038,500.00. Following the transaction, the insider now directly owns 706,642 shares of the company's stock, valued at approximately $42,942,634.34. The trade was a 6.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Baiju Bhatt sold 94,156 shares of the company's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $50.67, for a total transaction of $4,770,884.52. Following the completion of the transaction, the director now owns 7,863 shares of the company's stock, valued at $398,418.21. This trade represents a 92.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,334,593 shares of company stock valued at $114,815,021 over the last quarter. Company insiders own 19.95% of the company's stock.

Hedge Funds Weigh In On Robinhood Markets

A number of institutional investors have recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC increased its position in shares of Robinhood Markets by 116.9% during the first quarter. Kingsview Wealth Management LLC now owns 34,622 shares of the company's stock worth $1,441,000 after acquiring an additional 18,657 shares during the last quarter. Burns Matteson Capital Management LLC purchased a new stake in Robinhood Markets during the 1st quarter worth approximately $495,000. Victory Capital Management Inc. raised its position in shares of Robinhood Markets by 9.9% in the 1st quarter. Victory Capital Management Inc. now owns 242,022 shares of the company's stock valued at $10,073,000 after purchasing an additional 21,862 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of Robinhood Markets by 66.0% during the 1st quarter. Larson Financial Group LLC now owns 1,524 shares of the company's stock valued at $63,000 after buying an additional 606 shares during the last quarter. Finally, Wealthfront Advisers LLC grew its position in shares of Robinhood Markets by 213.2% during the first quarter. Wealthfront Advisers LLC now owns 132,162 shares of the company's stock worth $5,501,000 after buying an additional 89,971 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company's stock.

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.