Robinhood Markets (NASDAQ:HOOD) Stock Price Down 1.8% Following Insider Selling

Robinhood Markets, Inc. (NASDAQ:HOOD) was down 1.8% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $53.23 and last traded at $53.24. Approximately 6,004,516 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 20,027,008 shares. The stock had previously closed at $54.20.

Specifically, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of Robinhood Markets stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $51.60, for a total value of $1,290,000.00. Following the completion of the sale, the insider now owns 706,642 shares in the company, valued at $36,462,727.20. The trade was a 3.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Piper Sandler lifted their price objective on Robinhood Markets from $36.00 to $42.00 and gave the company an “overweight” rating in a research note on Monday, December 2nd. The Goldman Sachs Group raised Robinhood Markets from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $40.00 to $46.00 in a research report on Friday, December 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 target price (up from $40.00) on shares of Robinhood Markets in a research report on Monday, December 9th. Sanford C. Bernstein boosted their price target on Robinhood Markets from $30.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Finally, Raymond James started coverage on Robinhood Markets in a report on Wednesday. They issued a “market perform” rating for the company. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $43.73.

Robinhood Markets Trading Down 1.9 %

The stock has a fifty day moving average of $43.13 and a two-hundred day moving average of $30.91. The stock has a market capitalization of $47.00 billion, a price-to-earnings ratio of 90.12, a PEG ratio of 0.70 and a beta of 2.13.

Institutional Investors Weigh In On Robinhood Markets

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its position in shares of Robinhood Markets by 1,211,858.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,817,670 shares of the company’s stock worth $89,410,000 after purchasing an additional 3,817,355 shares during the last quarter. Azora Capital LP acquired a new stake in shares of Robinhood Markets in the third quarter valued at about $79,780,000. FMR LLC increased its position in shares of Robinhood Markets by 31.3% during the 3rd quarter. FMR LLC now owns 14,129,544 shares of the company’s stock worth $330,914,000 after purchasing an additional 3,368,118 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Robinhood Markets during the 4th quarter worth approximately $90,869,000. Finally, Assenagon Asset Management S.A. increased its position in shares of Robinhood Markets by 486.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,788,666 shares of the company’s stock worth $103,906,000 after purchasing an additional 2,313,213 shares during the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

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.