Shares of Robinhood Markets, Inc. (NASDAQ:HOOD – Get Free Report) fell 2.3% on Monday . The stock traded as low as $105.28 and last traded at $105.71. Approximately 31,188,546 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 30,482,184 shares. The stock had previously closed at $108.15.
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 Analysts Forecast Growth
Several research firms recently commented on HOOD. JPMorgan Chase & Co. dropped their price objective on Robinhood Markets from $113.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, April 23rd. Citizens Jmp reaffirmed a “market outperform” rating and set a $155.00 price target on shares of Robinhood Markets in a research report on Thursday, May 28th. Barclays cut their price target on Robinhood Markets from $89.00 to $82.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Wall Street Zen raised Robinhood Markets from a “strong sell” rating to a “sell” rating in a report on Saturday, June 13th. Finally, Needham & Company LLC boosted their price objective on Robinhood Markets from $85.00 to $97.00 and gave the company a “buy” rating in a research note on Thursday, June 11th. Eighteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $112.36.
Robinhood Markets Price Performance
The stock has a fifty day moving average price of $84.83 and a 200 day moving average price of $90.90. The stock has a market capitalization of $87.51 billion, a P/E ratio of 46.95, a price-to-earnings-growth ratio of 2.50 and a beta of 2.35.
Robinhood Markets (NASDAQ:HOOD – Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.01). The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Robinhood Markets had a return on equity of 21.39% and a net margin of 41.12%.The business’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period last year, the company posted $0.37 EPS. Research analysts anticipate that Robinhood Markets, Inc. will post 1.8 earnings per share for the current year.
Insider Buying and Selling at Robinhood Markets
In other news, Director Meyer Malka purchased 250,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were purchased at an average price of $80.74 per share, with a total value of $20,185,000.00. Following the completion of the acquisition, the director owned 3,924,427 shares in the company, valued at $316,858,235.98. This trade represents a 6.80% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Steven M. Quirk sold 10,837 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $85.91, for a total value of $931,006.67. Following the completion of the sale, the insider owned 81,989 shares in the company, valued at $7,043,674.99. This trade represents a 11.67% decrease in their position. 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. In the last ninety days, insiders have purchased 680,000 shares of company stock worth $55,306,560 and have sold 633,484 shares worth $47,542,923. Insiders own 19.95% of the company’s stock.
Hedge Funds Weigh In On Robinhood Markets
A number of institutional investors have recently added to or reduced their stakes in HOOD. Sound Income Strategies LLC increased its position in shares of Robinhood Markets by 152.6% in the fourth quarter. Sound Income Strategies LLC now owns 240 shares of the company’s stock worth $26,000 after purchasing an additional 145 shares during the last quarter. CYBER HORNET ETFs LLC raised its stake in Robinhood Markets by 527.8% in the fourth quarter. CYBER HORNET ETFs LLC now owns 226 shares of the company’s stock valued at $26,000 after purchasing an additional 190 shares in the last quarter. Elyxium Wealth LLC bought a new stake in Robinhood Markets during the fourth quarter valued at approximately $27,000. MV Capital Management Inc. bought a new stake in Robinhood Markets during the fourth quarter valued at approximately $27,000. Finally, Swiss RE Ltd. purchased a new position in Robinhood Markets in the 4th quarter worth approximately $27,000. 93.27% of the stock is currently owned by institutional investors.
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.
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