Robinhood Markets (NASDAQ:HOOD) Shares Gap Down - Here's What Happened

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $44.08, but opened at $41.86. Robinhood Markets shares last traded at $42.24, with a volume of 12,329,136 shares trading hands.

Analysts Set New Price Targets

Several brokerages have commented on HOOD. Raymond James started coverage on Robinhood Markets in a research note on Wednesday, February 5th. They issued a "market perform" rating for the company. Morgan Stanley lowered shares of Robinhood Markets from an "overweight" rating to an "equal weight" rating and set a $40.00 target price on the stock. in a report on Tuesday, April 8th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $60.00 price target on shares of Robinhood Markets in a report on Thursday, March 27th. Needham & Company LLC lowered their price objective on Robinhood Markets from $70.00 to $62.00 and set a "buy" rating on the stock in a research report on Friday, March 28th. Finally, Wolfe Research cut Robinhood Markets from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, February 18th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $55.06.

Robinhood Markets Trading Up 1.3 %

The stock has a market cap of $36.46 billion, a P/E ratio of 26.23, a price-to-earnings-growth ratio of 1.05 and a beta of 2.17. The business's 50 day moving average price is $45.22 and its two-hundred day moving average price is $40.17.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. As a group, analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insider Transactions at Robinhood Markets

In related news, CEO Vladimir Tenev sold 750,000 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $41.96, for a total value of $31,470,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Baiju Bhatt sold 223,072 shares of the business's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $41.24, for a total value of $9,199,489.28. Following the completion of the sale, the director now directly owns 7,863 shares in the company, valued at $324,270.12. This trade represents a 96.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,784,193 shares of company stock valued at $137,892,219 in the last three months. 19.95% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

Several large investors have recently modified their holdings of HOOD. MetLife Investment Management LLC grew its holdings in shares of Robinhood Markets by 1.5% during the fourth quarter. MetLife Investment Management LLC now owns 11,806 shares of the company's stock valued at $440,000 after buying an additional 171 shares during the last quarter. Dorsey & Whitney Trust CO LLC boosted its stake in Robinhood Markets by 2.4% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 9,867 shares of the company's stock valued at $368,000 after purchasing an additional 233 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Robinhood Markets by 4.0% in the first quarter. Farther Finance Advisors LLC now owns 6,890 shares of the company's stock worth $290,000 after purchasing an additional 265 shares during the last quarter. First Horizon Advisors Inc. boosted its position in shares of Robinhood Markets by 7.8% during the fourth quarter. First Horizon Advisors Inc. now owns 3,822 shares of the company's stock valued at $142,000 after buying an additional 277 shares during the last quarter. Finally, City State Bank increased its holdings in Robinhood Markets by 94.0% in the 1st quarter. City State Bank now owns 970 shares of the company's stock worth $40,000 after buying an additional 470 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Robinhood Markets Company Profile

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.