Envestnet Portfolio Solutions Inc. Invests $314,000 in Robinhood Markets, Inc. (NASDAQ:HOOD)

Envestnet Portfolio Solutions Inc. purchased a new position in Robinhood Markets, Inc. (NASDAQ:HOOD) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 8,430 shares of the company’s stock, valued at approximately $314,000.

Other institutional investors also recently bought and sold shares of the company. Toronto Dominion Bank lifted its stake in shares of Robinhood Markets by 31.1% in the third quarter. Toronto Dominion Bank now owns 68,408 shares of the company’s stock worth $1,602,000 after buying an additional 16,219 shares in the last quarter. IFP Advisors Inc lifted its position in Robinhood Markets by 601.1% in the 4th quarter. IFP Advisors Inc now owns 4,396 shares of the company’s stock valued at $164,000 after acquiring an additional 3,769 shares in the last quarter. Everence Capital Management Inc. bought a new position in Robinhood Markets in the 4th quarter valued at approximately $634,000. Charles Schwab Investment Management Inc. boosted its stake in Robinhood Markets by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,719,732 shares of the company’s stock valued at $175,857,000 after purchasing an additional 138,267 shares during the last quarter. Finally, Atomi Financial Group Inc. increased its holdings in shares of Robinhood Markets by 20.7% in the 4th quarter. Atomi Financial Group Inc. now owns 540,910 shares of the company’s stock worth $20,154,000 after purchasing an additional 92,613 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

HOOD has been the topic of several recent analyst reports. Cantor Fitzgerald started coverage on Robinhood Markets in a research report on Thursday, March 6th. They set an “overweight” rating and a $69.00 price objective on the stock. JMP Securities raised their price target on shares of Robinhood Markets from $60.00 to $77.00 and gave the company a “market outperform” rating in a report on Thursday, February 13th. Piper Sandler lifted their price target on shares of Robinhood Markets from $54.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Compass Point initiated coverage on shares of Robinhood Markets in a research report on Wednesday, March 19th. They set a “buy” rating and a $61.00 price objective on the stock. Finally, 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 report on Friday, February 7th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $61.29.

Insider Buying and Selling 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 sale, the director now directly owns 5,042 shares of the company’s stock, valued at approximately $316,133.40. The trade was a 99.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $39.16, for a total value of $29,370,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,655 shares of company stock valued at $143,072,448 over the last ninety days. 19.95% of the stock is currently owned by company insiders.

Robinhood Markets Stock Down 1.7 %

NASDAQ HOOD opened at $43.99 on Friday. Robinhood Markets, Inc. has a 52 week low of $13.98 and a 52 week high of $66.91. The company has a market capitalization of $38.95 billion, a P/E ratio of 28.02, a price-to-earnings-growth ratio of 1.05 and a beta of 2.14. The stock’s 50-day moving average price is $49.29 and its 200-day moving average price is $37.91.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Wednesday, February 12th. The company reported $0.54 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%. Research analysts anticipate that Robinhood Markets, Inc. will post 1.35 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.