Robinhood Markets (NASDAQ:HOOD) Trading Down 1.2% - Here's What Happened

Key Points

• Robinhood Markets' stock (NASDAQ:HOOD) fell by 1.2% to $112.79, with trading volume declining by 67% from the average daily volume.
• Analysts have recently increased their price targets for Robinhood, with several firms setting the target at $120.00 and maintaining ratings from "buy" to "overweight."
• The company reported a quarterly earnings per share (EPS) of $0.42, exceeding estimates, with revenue of $989 million, a 45% year-over-year increase.

Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report)'s stock price dropped 1.2% on Monday . The stock traded as low as $109.78 and last traded at $112.79. Approximately 13,583,661 shares were traded during trading, a decline of 67% from the average daily volume of 41,542,820 shares. The stock had previously closed at $114.17.

Analysts Set New Price Targets

HOOD has been the topic of several research reports. Citigroup boosted their price target on Robinhood Markets from $100.00 to $120.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Needham & Company LLC raised their price objective on shares of Robinhood Markets from $71.00 to $120.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Barclays raised their price objective on shares of Robinhood Markets from $102.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Mizuho raised their price objective on shares of Robinhood Markets from $99.00 to $120.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Finally, JMP Securities raised their price objective on shares of Robinhood Markets from $125.00 to $130.00 and gave the company a "market outperform" rating in a report on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $100.31.

Robinhood Markets Stock Up 0.2%

The company has a 50 day simple moving average of $95.36 and a 200-day simple moving average of $66.35. The stock has a market capitalization of $101.62 billion, a price-to-earnings ratio of 57.98, a price-to-earnings-growth ratio of 4.35 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.30 by $0.12. The company had revenue of $989.00 million during the quarter, compared to the consensus estimate of $893.93 million. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.48%. The company's quarterly revenue was up 45.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.21 EPS. As a group, sell-side analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Activity at Robinhood Markets

In other news, insider Steven M. Quirk sold 40,131 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $104.71, for a total transaction of $4,202,117.01. Following the transaction, the insider directly owned 120,408 shares of the company's stock, valued at $12,607,921.68. This represents a 25.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the company's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $104.73, for a total value of $614,136.72. Following the transaction, the chief technology officer directly owned 3,044 shares in the company, valued at $318,798.12. The trade was a 65.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,644,685 shares of company stock worth $430,085,957. Corporate insiders own 19.95% of the company's stock.

Hedge Funds Weigh In On Robinhood Markets

A number of institutional investors have recently modified their holdings of HOOD. Whipplewood Advisors LLC raised its position in shares of Robinhood Markets by 564.4% during the first quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock worth $25,000 after purchasing an additional 508 shares during the period. Hantz Financial Services Inc. raised its position in shares of Robinhood Markets by 120.3% during the second quarter. Hantz Financial Services Inc. now owns 271 shares of the company's stock worth $25,000 after purchasing an additional 148 shares during the period. Hemington Wealth Management raised its position in Robinhood Markets by 52.2% in the 1st quarter. Hemington Wealth Management now owns 636 shares of the company's stock valued at $26,000 after buying an additional 218 shares during the last quarter. Smithfield Trust Co purchased a new stake in Robinhood Markets in the 2nd quarter valued at $29,000. Finally, Wayfinding Financial LLC purchased a new stake in Robinhood Markets in the 1st quarter valued at $30,000. 93.27% of the stock is owned by institutional investors and hedge funds.

Robinhood Markets Company Profile

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.

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