Robinhood Markets, Inc. (NASDAQ:HOOD) Sees Large Decline in Short Interest

Robinhood Markets, Inc. (NASDAQ:HOOD) was the target of a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 22,740,000 shares, a drop of 14.7% from the September 30th total of 26,650,000 shares. Based on an average daily trading volume, of 14,190,000 shares, the days-to-cover ratio is currently 1.6 days. Approximately 3.8% of the shares of the stock are short sold.

Insider Buying and Selling

In related news, Director Baiju Bhatt sold 98,404 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $26.40, for a total transaction of $2,597,865.60. Following the completion of the sale, the director now owns 2,521 shares in the company, valued at $66,554.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Robinhood Markets news, CEO Vladimir Tenev sold 250,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $16.05, for a total value of $4,012,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Baiju Bhatt sold 98,404 shares of the stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $26.40, for a total transaction of $2,597,865.60. Following the sale, the director now directly owns 2,521 shares in the company, valued at $66,554.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,639,654 shares of company stock worth $110,241,632 in the last 90 days. 19.95% of the stock is owned by company insiders.

Institutional Trading of Robinhood Markets

Several hedge funds and other institutional investors have recently modified their holdings of HOOD. Allspring Global Investments Holdings LLC boosted its holdings in shares of Robinhood Markets by 1,211,858.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,817,670 shares of the company’s stock worth $89,410,000 after acquiring an additional 3,817,355 shares during the period. Renaissance Technologies LLC boosted its stake in Robinhood Markets by 37.7% in the 2nd quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company’s stock valued at $173,770,000 after purchasing an additional 2,094,800 shares during the period. Sparta 24 Ltd. grew its holdings in Robinhood Markets by 905.8% in the 3rd quarter. Sparta 24 Ltd. now owns 1,625,158 shares of the company’s stock valued at $38,061,000 after buying an additional 1,463,578 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Robinhood Markets by 169.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,991,586 shares of the company’s stock worth $40,092,000 after buying an additional 1,251,495 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Robinhood Markets by 274.7% during the second quarter. AQR Capital Management LLC now owns 1,661,824 shares of the company’s stock worth $37,341,000 after buying an additional 1,218,317 shares in the last quarter. Institutional investors own 93.27% of the company’s stock.

Wall Street Analyst Weigh In

HOOD has been the topic of a number of recent research reports. JMP Securities reaffirmed a “market outperform” rating and issued a $30.00 price objective on shares of Robinhood Markets in a research note on Thursday, August 8th. Piper Sandler raised their price target on Robinhood Markets from $27.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. KeyCorp boosted their price objective on shares of Robinhood Markets from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Bank of America upped their price target on Robinhood Markets from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating on the stock in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Robinhood Markets currently has an average rating of “Hold” and a consensus target price of $24.97.

Robinhood Markets Trading Down 16.0 %

NASDAQ:HOOD traded down $4.52 on Thursday, hitting $23.69. The company’s stock had a trading volume of 20,013,775 shares, compared to its average volume of 15,418,721. Robinhood Markets has a one year low of $7.91 and a one year high of $28.58. The firm has a market capitalization of $20.96 billion, a P/E ratio of 74.85 and a beta of 1.84. The stock has a fifty day moving average of $23.32 and a two-hundred day moving average of $21.34.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). Robinhood Markets had a net margin of 12.96% and a return on equity of 4.25%. The business had revenue of $637.00 million during the quarter, compared to the consensus estimate of $660.53 million. During the same quarter last year, the company posted ($0.09) EPS. The firm’s revenue was up 36.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Robinhood Markets will post 0.74 EPS for the current year.

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.