Robinhood Markets, Inc. (NASDAQ:HOOD – Get Free Report) shares dropped 2.3% during trading on Tuesday . The company traded as low as $101.03 and last traded at $103.25. 40,313,660 shares traded hands during mid-day trading, an increase of 32% from the average daily volume of 30,544,010 shares. The stock had previously closed at $105.71.
Key Robinhood Markets News
Here are the key news stories impacting Robinhood Markets this week:
- Positive Sentiment: Truist said Robinhood could be heading for a record quarter, with June volumes suggesting transaction revenue is tracking ahead of estimates. Truist Stays Bullish on Robinhood as June Volumes Point to Record Quarter
- Positive Sentiment: Robinhood is using incentives like World Cup tickets to attract more Gold subscribers, supporting engagement and potential recurring revenue growth. Robinhood dangles World Cup tickets to boost Gold subscriber base
- Neutral Sentiment: Some recent commentary highlights Robinhood as a cash-heavy stock with potential, while other pieces argue its growth drivers remain volatile, suggesting mixed longer-term sentiment. 1 Cash-Heavy Stock with Exciting Potential and 2 Facing Headwinds
- Negative Sentiment: Robinhood shares weakened after reports that Meta is building a competing prediction markets app, raising concerns about future competition in a key new growth area. Why Robinhood (HOOD) Stock Is Down Today
- Negative Sentiment: Bearish articles also questioned whether Robinhood’s recent run-up is sustainable, citing volatility in its biggest growth drivers and the risk of another sell-off. Robinhood Stock Has Soared 65% From Its 52-Week Low. Here’s Why I’m Predicting Another Sell-Off.
Wall Street Analyst Weigh In
HOOD has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Robinhood Markets in a research note on Friday, March 27th. JPMorgan Chase & Co. reduced their price objective on Robinhood Markets from $113.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, April 23rd. Morgan Stanley decreased their price objective on Robinhood Markets from $147.00 to $95.00 and set an “equal weight” rating on the stock in a report on Friday, April 10th. Citigroup restated a “market outperform” rating on shares of Robinhood Markets in a research report on Thursday, May 28th. Finally, Truist Financial reduced their price target on shares of Robinhood Markets from $120.00 to $100.00 and set a “buy” rating on the stock in a research report on Monday, April 13th. Eighteen 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $112.36.
Robinhood Markets Stock Down 3.9%
The firm’s 50-day simple moving average is $85.34 and its 200-day simple moving average is $90.62. The firm has a market capitalization of $84.13 billion, a PE ratio of 45.12, a price-to-earnings-growth ratio of 1.90 and a beta of 2.35.
Robinhood Markets (NASDAQ:HOOD – Get Free Report) last announced 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 the consensus estimate of $1.14 billion. Robinhood Markets had a net margin of 41.12% and a return on equity of 21.39%. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period last year, the business posted $0.37 earnings per share. On average, equities research analysts forecast that Robinhood Markets, Inc. will post 1.8 earnings per share for the current year.
Insider Activity at Robinhood Markets
In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $83.68, for a total value of $836,800.00. Following the completion of the sale, the insider owned 481,396 shares in the company, valued at approximately $40,283,217.28. The trade was a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Shiv Verma sold 3,984 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $98.84, for a total value of $393,778.56. Following the sale, the chief financial officer directly owned 59,927 shares of the company’s stock, valued at approximately $5,923,184.68. This trade represents a 6.23% 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. Over the last three months, insiders bought 680,000 shares of company stock worth $55,306,560 and sold 633,484 shares worth $47,542,923. 14.47% of the stock is owned by insiders.
Institutional Investors Weigh In On Robinhood Markets
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Truist Financial Corp raised its holdings in shares of Robinhood Markets by 88.9% during the fourth quarter. Truist Financial Corp now owns 145,489 shares of the company’s stock valued at $16,455,000 after acquiring an additional 68,458 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Robinhood Markets by 86.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 100,849 shares of the company’s stock worth $11,406,000 after acquiring an additional 46,688 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Robinhood Markets by 26.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 365,551 shares of the company’s stock valued at $44,477,000 after acquiring an additional 76,075 shares in the last quarter. Capital Wealth Planning LLC boosted its holdings in Robinhood Markets by 238.5% in the third quarter. Capital Wealth Planning LLC now owns 48,438 shares of the company’s stock valued at $6,935,000 after acquiring an additional 34,129 shares in the last quarter. Finally, Virtus Wealth Solutions LLC purchased a new position in Robinhood Markets during the 3rd quarter valued at $11,074,000. 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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