Robinhood Markets, Inc. (NASDAQ:HOOD – Get Free Report) fell 5.9% during trading on Wednesday . The stock traded as low as $96.30 and last traded at $97.1840. Approximately 29,953,391 shares traded hands during trading, a decline of 2% from the average session volume of 30,566,932 shares. The stock had previously closed at $103.25.
Trending Headlines about Robinhood Markets
Here are the key news stories impacting Robinhood Markets this week:
- Positive Sentiment: Truist said June trading volumes point to a record quarter for Robinhood Markets (HOOD), with transaction revenue tracking ahead of estimates. Truist Stays Bullish on Robinhood as June Volumes Point to Record Quarter
- Positive Sentiment: Robinhood’s latest convertible note deal includes about $290 million earmarked for share repurchases and capped calls designed to reduce dilution, which can support the stock. Robinhood Announces Pricing of Private Offering of $2.0 Billion of Convertible Senior Notes Due 2029
- Positive Sentiment: Some investors remain optimistic that Robinhood’s expanding platform and new revenue opportunities could keep growth strong beyond traditional trading fees. 50,000 Reasons to Buy Robinhood Stock Now
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on HOOD shares. Weiss Ratings restated a “hold (c)” rating on shares of Robinhood Markets in a report on Friday, March 27th. Argus boosted their target price on shares of Robinhood Markets from $90.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, June 17th. KeyCorp reissued an “overweight” rating and issued a $100.00 target price on shares of Robinhood Markets in a report on Monday, June 1st. Wall Street Zen upgraded Robinhood Markets from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 13th. Finally, Needham & Company LLC lifted their price target on Robinhood Markets from $85.00 to $97.00 and gave the stock a “buy” rating in a report on Thursday, June 11th. Eighteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Robinhood Markets presently has a consensus rating of “Moderate Buy” and a consensus price target of $112.36.
Robinhood Markets Stock Performance
The stock’s 50-day moving average is $84.83 and its 200 day moving average is $90.90. The stock has a market capitalization of $87.51 billion, a PE ratio of 46.95, a P/E/G ratio of 2.50 and a beta of 2.35.
Robinhood Markets (NASDAQ:HOOD – Get Free Report) last announced its quarterly earnings results 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 net margin of 41.12% and a return on equity of 21.39%. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the firm earned $0.37 earnings per share. Robinhood Markets’s revenue was up 15.1% on a year-over-year basis. Analysts expect that Robinhood Markets, Inc. will post 1.8 earnings per share for the current year.
Insider Activity
In other news, insider Daniel Martin Gallagher, Jr. sold 10,000 shares of Robinhood Markets stock in a transaction on Monday, May 4th. The shares were sold at an average price of $76.89, for a total value of $768,900.00. Following the transaction, the insider directly owned 432,849 shares of the company’s stock, valued at $33,281,759.61. The trade was a 2.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Baiju Bhatt sold 67,422 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $75.38, for a total transaction of $5,082,270.36. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have bought 680,000 shares of company stock worth $55,306,560 and have sold 633,484 shares worth $47,542,923. 19.95% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Robinhood Markets
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp increased its position in Robinhood Markets by 103.2% in the 3rd quarter. State Street Corp now owns 32,246,155 shares of the company’s stock valued at $4,617,004,000 after acquiring an additional 16,375,734 shares during the period. Norges Bank purchased a new position in shares of Robinhood Markets in the 4th quarter valued at approximately $1,202,160,000. Amundi increased its holdings in shares of Robinhood Markets by 89.0% in the first quarter. Amundi now owns 6,385,232 shares of the company’s stock valued at $442,497,000 after purchasing an additional 3,007,103 shares during the period. Corient Private Wealth LLC raised its stake in shares of Robinhood Markets by 5,221.4% during the fourth quarter. Corient Private Wealth LLC now owns 2,559,848 shares of the company’s stock worth $289,519,000 after purchasing an additional 2,511,743 shares during the last quarter. Finally, Jennison Associates LLC raised its stake in shares of Robinhood Markets by 95.7% during the fourth quarter. Jennison Associates LLC now owns 4,412,036 shares of the company’s stock worth $499,001,000 after purchasing an additional 2,157,372 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.
Robinhood Markets Company Profile
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.
Further Reading
- Five stocks we like better than Robinhood Markets
- Why KB Home Could Reward Patient Investors Later
- Meta’s Internal Turmoil: Morale Nears 20-Year Low at the Wrong Time
- Tesla’s New NHTSA Probe Lands at the Worst Possible Time
- Nano Nuclear’s AI Data Center Deal Puts the Stock Back in Focus
Receive News & Ratings for Robinhood Markets Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Robinhood Markets and related companies with MarketBeat.com's FREE daily email newsletter.
