Commonwealth Equity Services LLC Increases Stake in Robinhood Markets, Inc. (NASDAQ:HOOD)

Commonwealth Equity Services LLC raised its holdings in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 26.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,033 shares of the company’s stock after buying an additional 22,508 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Robinhood Markets were worth $4,063,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Azora Capital LP purchased a new stake in Robinhood Markets during the 3rd quarter valued at about $79,780,000. FMR LLC grew its position in shares of 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 purchasing an additional 3,368,118 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Robinhood Markets in the fourth quarter valued at approximately $90,869,000. Assenagon Asset Management S.A. increased its holdings in shares of Robinhood Markets by 486.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,788,666 shares of the company’s stock valued at $103,906,000 after purchasing an additional 2,313,213 shares during the last quarter. Finally, TimesSquare Capital Management LLC purchased a new position in Robinhood Markets during the fourth quarter worth approximately $71,318,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Robinhood Markets Stock Performance

Shares of HOOD opened at $44.36 on Monday. The company’s 50-day simple moving average is $49.04 and its 200-day simple moving average is $37.41. Robinhood Markets, Inc. has a 1 year low of $13.98 and a 1 year high of $66.91. The stock has a market capitalization of $39.28 billion, a PE ratio of 28.25, a P/E/G ratio of 1.05 and a beta of 2.14.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. On average, sell-side analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on HOOD. The Goldman Sachs Group upgraded Robinhood Markets from a “neutral” rating to a “buy” rating and upped their target price for the company from $40.00 to $46.00 in a report on Friday, December 6th. Mizuho lifted their target price on shares of Robinhood Markets from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Morgan Stanley boosted their target price on shares of Robinhood Markets from $64.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Keefe, Bruyette & Woods raised their price target on shares of Robinhood Markets from $38.00 to $60.00 and gave the stock a “market perform” rating in a report on Tuesday, February 18th. Finally, JMP Securities upped their price objective on Robinhood Markets from $60.00 to $77.00 and gave the company a “market outperform” rating in a report on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $61.29.

Insider Activity at Robinhood Markets

In other news, Director Baiju Bhatt sold 522,180 shares of Robinhood Markets stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $62.70, for a total value of $32,740,686.00. Following the completion of the transaction, the director now owns 5,042 shares in the company, valued at approximately $316,133.40. This trade represents a 99.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $46.81, for a total transaction of $273,978.93. Following the sale, the chief technology officer now owns 17,559 shares in the company, valued at $821,936.79. The trade was a 25.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,679,251 shares of company stock worth $130,979,560. Company insiders own 19.95% of the company’s stock.

Robinhood Markets 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.