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

Robinhood Markets, Inc. (NASDAQ:HOOD) was the target of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 19,960,000 shares, a decrease of 12.2% from the October 15th total of 22,740,000 shares. Based on an average trading volume of 14,860,000 shares, the days-to-cover ratio is currently 1.3 days. Approximately 3.3% of the company’s stock are sold short.

Analyst Ratings Changes

Several analysts have issued reports on HOOD shares. Morgan Stanley increased their price objective on Robinhood Markets from $22.00 to $24.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Barclays boosted their target price on shares of Robinhood Markets from $23.00 to $26.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. raised their price objective on Robinhood Markets from $17.00 to $21.00 and gave the stock an “underweight” rating in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft increased their price target on Robinhood Markets from $27.00 to $32.00 and gave the company a “buy” rating in a report on Monday, November 11th. Finally, KeyCorp lifted their price objective on shares of Robinhood Markets from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.34.

Insiders Place Their Bets

In other news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $19.33, for a total value of $241,625.00. Following the transaction, the insider now owns 1,045,068 shares of the company’s stock, valued at approximately $20,201,164.44. The trade was a 1.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Meyer Malka sold 3,225,806 shares of the business’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $25.07, for a total transaction of $80,870,956.42. Following the transaction, the director now owns 29,357,336 shares in the company, valued at approximately $735,988,413.52. This trade represents a 9.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,710,549 shares of company stock valued at $115,477,194. 19.95% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Robinhood Markets

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Robinhood Markets by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 56,828,633 shares of the company’s stock worth $1,143,960,000 after purchasing an additional 1,003,535 shares in the last quarter. FMR LLC grew its holdings in shares of Robinhood Markets by 31.3% during 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 raised its position in Robinhood Markets by 8.7% during 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 raised its position in Robinhood Markets by 19.5% during the third quarter. Geode Capital Management LLC now owns 11,620,673 shares of the company’s stock valued at $271,708,000 after buying an additional 1,895,427 shares during the period. Finally, Renaissance Technologies LLC lifted 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 worth $173,770,000 after acquiring an additional 2,094,800 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Stock Up 8.3 %

HOOD stock traded up $2.68 during trading on Monday, reaching $35.00. 36,906,478 shares of the company’s stock were exchanged, compared to its average volume of 16,082,386. The firm has a market cap of $30.94 billion, a PE ratio of 59.32, a P/E/G ratio of 0.77 and a beta of 1.84. The company’s fifty day moving average price is $25.77 and its 200-day moving average price is $22.49. Robinhood Markets has a 1-year low of $7.96 and a 1-year high of $35.62.

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