Short Interest in Robinhood Markets, Inc. (NASDAQ:HOOD) Expands By 13.6%

Robinhood Markets, Inc. (NASDAQ:HOOD) was the target of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 34,071,600 shares, a growth of 13.6% from the May 31st total of 29,990,000 shares. Currently, 7.0% of the company’s shares are sold short. Based on an average daily trading volume, of 17,442,600 shares, the days-to-cover ratio is currently 2.0 days.

Insider Buying and Selling

In related news, Director Baiju Bhatt sold 153,180 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $16.63, for a total value of $2,547,383.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Jason Warnick sold 5,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $16.72, for a total value of $83,600.00. Following the completion of the sale, the chief financial officer now directly owns 997,407 shares in the company, valued at approximately $16,676,645.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Baiju Bhatt sold 153,180 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $16.63, for a total value of $2,547,383.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,481,733 shares of company stock valued at $28,520,141. 19.95% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

A number of large investors have recently bought and sold shares of HOOD. Norges Bank bought a new position in Robinhood Markets in the fourth quarter worth about $84,165,000. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Robinhood Markets by 9.4% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 29,205,693 shares of the company’s stock valued at $372,081,000 after buying an additional 2,517,012 shares during the last quarter. Nikko Asset Management Americas Inc. raised its holdings in shares of Robinhood Markets by 9.6% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 28,297,822 shares of the company’s stock valued at $360,514,000 after buying an additional 2,486,986 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Robinhood Markets by 4.5% during the third quarter. Vanguard Group Inc. now owns 57,261,184 shares of the company’s stock valued at $561,732,000 after buying an additional 2,459,702 shares during the last quarter. Finally, ARK Investment Management LLC raised its holdings in shares of Robinhood Markets by 6.4% during the fourth quarter. ARK Investment Management LLC now owns 34,936,204 shares of the company’s stock valued at $445,087,000 after buying an additional 2,101,325 shares during the last quarter. Institutional investors own 93.27% of the company’s stock.

Robinhood Markets Price Performance

NASDAQ:HOOD traded down $0.03 during mid-day trading on Monday, reaching $22.68. The stock had a trading volume of 4,088,486 shares, compared to its average volume of 16,268,982. The company has a market capitalization of $19.93 billion, a price-to-earnings ratio of 151.40 and a beta of 1.84. Robinhood Markets has a 1-year low of $7.91 and a 1-year high of $24.28. The stock’s 50 day simple moving average is $20.07 and its two-hundred day simple moving average is $16.49.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.13. The business had revenue of $618.00 million during the quarter, compared to the consensus estimate of $552.74 million. Robinhood Markets had a return on equity of 1.86% and a net margin of 6.22%. The company’s revenue for the quarter was up 40.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.57) earnings per share. Sell-side analysts anticipate that Robinhood Markets will post 0.56 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on HOOD. Bank of America upgraded Robinhood Markets from an “underperform” rating to a “buy” rating and increased their price target for the company from $14.00 to $24.00 in a report on Friday, May 17th. Piper Sandler increased their price target on Robinhood Markets from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. Keefe, Bruyette & Woods initiated coverage on Robinhood Markets in a research note on Wednesday, April 3rd. They set a “market perform” rating and a $20.00 target price for the company. Needham & Company LLC restated a “hold” rating on shares of Robinhood Markets in a research note on Thursday, June 6th. Finally, Citigroup raised their target price on Robinhood Markets from $16.00 to $18.00 and gave the company a “sell” rating in a research note on Thursday, June 13th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Robinhood Markets has a consensus rating of “Hold” and a consensus price target of $20.77.

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.