Robinhood Markets (NASDAQ:HOOD) Shares Down 1.9% – What’s Next?

Robinhood Markets, Inc. (NASDAQ:HOOD) shares fell 1.9% during trading on Monday . The company traded as low as $108.84 and last traded at $109.86. 18,010,702 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 30,066,291 shares. The stock had previously closed at $111.97.

Analysts Set New Price Targets

HOOD has been the subject of several recent analyst reports. Sanford C. Bernstein restated an “outperform” rating and set a $130.00 target price on shares of Robinhood Markets in a research note on Tuesday, April 14th. Mizuho raised their price objective on shares of Robinhood Markets from $115.00 to $130.00 and gave the stock an “outperform” rating in a report on Thursday, July 2nd. Zacks Research upgraded shares of Robinhood Markets from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Loop Capital set a $110.00 price target on shares of Robinhood Markets in a research note on Wednesday, June 17th. Finally, The Goldman Sachs Group upped their price objective on shares of Robinhood Markets from $108.00 to $121.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Robinhood Markets currently has a consensus rating of “Moderate Buy” and an average price target of $118.00.

Robinhood Markets Stock Down 1.9%

The stock has a market cap of $98.93 billion, a PE ratio of 53.07, a price-to-earnings-growth ratio of 2.41 and a beta of 2.33. The stock has a fifty day moving average of $91.01 and a 200-day moving average of $89.25.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.01). Robinhood Markets had a return on equity of 21.39% and a net margin of 41.12%.The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the business posted $0.37 earnings per share. The firm’s revenue was up 15.1% compared to the same quarter last year. Equities research analysts forecast that Robinhood Markets, Inc. will post 1.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Paula Loop sold 8,336 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $120.00, for a total transaction of $1,000,320.00. Following the completion of the transaction, the director directly owned 63,674 shares of the company’s stock, valued at approximately $7,640,880. This represents a 11.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven M. Quirk sold 19,377 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $119.96, for a total value of $2,324,464.92. Following the transaction, the insider directly owned 62,612 shares in the company, valued at $7,510,935.52. This represents a 23.63% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have bought 680,000 shares of company stock valued at $55,306,560 and have sold 659,112 shares valued at $68,741,158. 14.47% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Robinhood Markets

A number of large investors have recently made changes to their positions in HOOD. Empowered Funds LLC boosted its holdings in Robinhood Markets by 46.7% during the first quarter. Empowered Funds LLC now owns 49,870 shares of the company’s stock worth $2,076,000 after buying an additional 15,885 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Robinhood Markets during the 2nd quarter worth approximately $5,105,000. Federated Hermes Inc. grew its holdings in shares of Robinhood Markets by 106.2% in the 2nd quarter. Federated Hermes Inc. now owns 63,957 shares of the company’s stock worth $5,988,000 after acquiring an additional 32,933 shares during the period. NewEdge Advisors LLC grew its holdings in shares of Robinhood Markets by 19.1% in the 2nd quarter. NewEdge Advisors LLC now owns 89,676 shares of the company’s stock worth $8,396,000 after acquiring an additional 14,356 shares during the period. Finally, Nebula Research & Development LLC acquired a new position in Robinhood Markets during the second quarter worth $1,316,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

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.