BNC Wealth Management LLC Invests $1.52 Million in Robinhood Markets, Inc. (NASDAQ:HOOD)

BNC Wealth Management LLC acquired a new position in Robinhood Markets, Inc. (NASDAQ:HOOD) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 36,422 shares of the company’s stock, valued at approximately $1,516,000.

Several other large investors also recently made changes to their positions in HOOD. Whipplewood Advisors LLC increased its position in shares of Robinhood Markets by 564.4% in the first quarter. Whipplewood Advisors LLC now owns 598 shares of the company’s stock worth $25,000 after acquiring an additional 508 shares in the last quarter. CoreCap Advisors LLC boosted its stake in shares of Robinhood Markets by 191.6% in the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock valued at $31,000 after purchasing an additional 550 shares during the period. Creative Financial Designs Inc. ADV boosted its stake in shares of Robinhood Markets by 750.0% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company’s stock valued at $32,000 after purchasing an additional 750 shares during the period. Colonial Trust Co SC purchased a new position in shares of Robinhood Markets in the fourth quarter valued at $34,000. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in shares of Robinhood Markets by 139.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 854 shares of the company’s stock valued at $36,000 after purchasing an additional 498 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Stock Performance

Robinhood Markets stock opened at $72.60 on Friday. The firm’s 50-day moving average is $56.22 and its 200-day moving average is $48.65. Robinhood Markets, Inc. has a 1 year low of $13.98 and a 1 year high of $77.80. The company has a market cap of $64.28 billion, a P/E ratio of 46.24, a PEG ratio of 1.05 and a beta of 2.25.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.04). Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. The business had revenue of $927.00 million during the quarter, compared to the consensus estimate of $917.12 million. During the same quarter in the previous year, the business posted $0.18 earnings per share. The company’s quarterly revenue was up 50.0% compared to the same quarter last year. As a group, sell-side analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $41.96, for a total value of $31,470,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Baiju Bhatt sold 418,338 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $64.46, for a total transaction of $26,966,067.48. Following the completion of the sale, the director now directly owns 7,863 shares in the company, valued at approximately $506,848.98. This trade represents a 98.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,650,974 shares of company stock valued at $142,977,123 in the last quarter. Company insiders own 14.47% of the company’s stock.

Analysts Set New Price Targets

HOOD has been the subject of several analyst reports. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $60.00 target price on shares of Robinhood Markets in a research note on Thursday, March 27th. JMP Securities restated a “market outperform” rating and issued a $70.00 target price on shares of Robinhood Markets in a research note on Thursday, May 1st. Cantor Fitzgerald decreased their target price on shares of Robinhood Markets from $62.00 to $60.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Robinhood Markets from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Finally, KeyCorp decreased their target price on shares of Robinhood Markets from $75.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.17.

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.