Robinhood Markets, Inc. (NASDAQ:HOOD) Sees Significant Decrease in Short Interest

Robinhood Markets, Inc. (NASDAQ:HOOD) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 19,960,000 shares, a decline of 12.2% from the October 15th total of 22,740,000 shares. Currently, 3.3% of the shares of the company are sold short. Based on an average daily volume of 14,860,000 shares, the days-to-cover ratio is presently 1.3 days.

Insider Activity

In other news, Director Meyer Malka sold 105,875 shares of Robinhood Markets stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $30.00, for a total transaction of $3,176,250.00. Following the sale, the director now directly owns 28,930,243 shares in the company, valued at approximately $867,907,290. The trade was a 0.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vladimir Tenev sold 250,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.26, for a total value of $4,815,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,710,549 shares of company stock valued at $115,477,194. Insiders own 19.95% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Robinhood Markets by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 56,828,633 shares of the company’s stock valued at $1,143,960,000 after purchasing an additional 1,003,535 shares in the last quarter. FMR LLC lifted its stake in Robinhood Markets by 31.3% in the third quarter. FMR LLC now owns 14,129,544 shares of the company’s stock valued at $330,914,000 after buying an additional 3,368,118 shares in the last quarter. State Street Corp boosted its holdings in shares of Robinhood Markets by 8.7% in the third quarter. State Street Corp now owns 13,558,321 shares of the company’s stock valued at $317,536,000 after buying an additional 1,085,679 shares during the period. Geode Capital Management LLC increased its position in shares of Robinhood Markets by 19.5% during the third quarter. Geode Capital Management LLC now owns 11,620,673 shares of the company’s stock worth $271,708,000 after acquiring an additional 1,895,427 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Robinhood Markets by 37.7% during the second quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company’s stock worth $173,770,000 after acquiring an additional 2,094,800 shares during the period. 93.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on HOOD shares. KeyCorp raised their price target on Robinhood Markets from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Barclays upped their price target on shares of Robinhood Markets from $23.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Robinhood Markets from $27.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Keefe, Bruyette & Woods reduced their target price on shares of Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating on the stock in a research report on Thursday, August 8th. Finally, Piper Sandler raised their price target on shares of Robinhood Markets from $30.00 to $36.00 and gave the company an “overweight” rating in a report on Monday. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $27.34.

Robinhood Markets Stock Up 8.3 %

NASDAQ HOOD traded up $2.68 on Monday, reaching $35.00. The company had a trading volume of 36,906,478 shares, compared to its average volume of 16,082,386. The stock has a market cap of $30.94 billion, a price-to-earnings ratio of 59.32, a PEG ratio of 0.77 and a beta of 1.84. The stock’s 50 day moving average is $25.77 and its 200-day moving average is $22.49. Robinhood Markets has a 52 week low of $7.96 and a 52 week high of $35.62.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, October 30th. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.01). The firm had revenue of $637.00 million during the quarter, compared to the consensus estimate of $660.53 million. Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. The firm’s revenue for the quarter was up 36.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.09) EPS. As a group, analysts forecast that Robinhood Markets will post 0.72 EPS for the current year.

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.