Short Interest in Robinhood Markets, Inc. (NASDAQ:HOOD) Increases By 11.4%

Robinhood Markets, Inc. (NASDAQ:HOOD) was the target of a large increase in short interest in September. As of September 15th, there was short interest totalling 23,780,000 shares, an increase of 11.4% from the August 31st total of 21,340,000 shares. Based on an average daily volume of 14,110,000 shares, the short-interest ratio is presently 1.7 days. Currently, 4.0% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

HOOD has been the topic of several recent analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $30.00 price objective on shares of Robinhood Markets in a report on Thursday, August 8th. KeyCorp lifted their price objective on Robinhood Markets from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Needham & Company LLC reissued a “hold” rating on shares of Robinhood Markets in a report on Thursday, August 8th. Wolfe Research upgraded Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 target price on the stock in a research report on Wednesday, June 26th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Robinhood Markets from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Robinhood Markets currently has an average rating of “Hold” and an average target price of $23.63.

Robinhood Markets Price Performance

HOOD traded down $1.09 during trading hours on Tuesday, reaching $22.33. The company’s stock had a trading volume of 11,414,970 shares, compared to its average volume of 15,509,032. The stock has a market cap of $19.62 billion, a PE ratio of 156.60 and a beta of 1.82. Robinhood Markets has a fifty-two week low of $7.91 and a fifty-two week high of $24.88. The business’s 50-day moving average is $20.49 and its 200-day moving average is $20.25.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.16 by $0.05. The business had revenue of $682.00 million for the quarter, compared to analyst estimates of $640.39 million. Robinhood Markets had a return on equity of 4.25% and a net margin of 12.96%. The company’s quarterly revenue was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.03 EPS. Analysts expect that Robinhood Markets will post 0.76 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Vladimir Tenev sold 250,000 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $22.50, for a total value of $5,625,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Robinhood Markets news, Director Baiju Bhatt sold 143,944 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $18.73, for a total value of $2,696,071.12. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Vladimir Tenev sold 250,000 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $22.50, for a total value of $5,625,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,204,096 shares of company stock worth $23,603,793. Corporate insiders own 19.95% of the company’s stock.

Institutional Investors Weigh In On Robinhood Markets

A number of institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its holdings in shares of Robinhood Markets by 46.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,275 shares of the company’s stock worth $29,000 after acquiring an additional 722 shares during the last quarter. ORG Partners LLC acquired a new stake in Robinhood Markets in the 2nd quarter valued at approximately $33,000. Allspring Global Investments Holdings LLC purchased a new stake in Robinhood Markets in the first quarter valued at approximately $34,000. International Assets Investment Management LLC acquired a new position in Robinhood Markets during the second quarter worth $40,000. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Robinhood Markets during the second quarter worth $45,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

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.