Meridian Wealth Management LLC Acquires 52,494 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Meridian Wealth Management LLC boosted its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD) by 31.7% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 218,024 shares of the company’s stock after acquiring an additional 52,494 shares during the quarter. Meridian Wealth Management LLC’s holdings in Robinhood Markets were worth $9,074,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Whipplewood Advisors LLC boosted its holdings in Robinhood Markets by 564.4% during the 1st quarter. Whipplewood Advisors LLC now owns 598 shares of the company’s stock valued at $25,000 after acquiring an additional 508 shares during the period. Hemington Wealth Management raised its position in shares of Robinhood Markets by 52.2% in the 1st quarter. Hemington Wealth Management now owns 636 shares of the company’s stock worth $26,000 after acquiring an additional 218 shares in the last quarter. Wayfinding Financial LLC bought a new position in shares of Robinhood Markets in the 1st quarter worth approximately $30,000. Pandora Wealth Inc. bought a new position in Robinhood Markets during the 1st quarter valued at approximately $33,000. Finally, CoreCap Advisors LLC increased its position in Robinhood Markets by 191.6% during the 4th quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock valued at $31,000 after buying an additional 550 shares in the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Robinhood Markets

In related news, CEO Vladimir Tenev sold 385,485 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $101.90, for a total value of $39,280,921.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Baiju Bhatt sold 10,518 shares of Robinhood Markets stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $100.10, for a total transaction of $1,052,851.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,752,293 shares of company stock worth $436,586,556. Insiders own 14.47% of the company’s stock.

Robinhood Markets Trading Up 3.1%

HOOD stock opened at $114.63 on Monday. The firm has a 50-day moving average of $91.32 and a two-hundred day moving average of $64.19. The company has a market cap of $101.87 billion, a price-to-earnings ratio of 58.19, a PEG ratio of 4.37 and a beta of 2.36. Robinhood Markets, Inc. has a 12 month low of $17.55 and a 12 month high of $117.00.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.12. The business had revenue of $989.00 million during the quarter, compared to the consensus estimate of $893.93 million. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.48%. The business’s revenue was up 45.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.21 EPS. As a group, equities analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Cantor Fitzgerald increased their target price on Robinhood Markets from $100.00 to $118.00 and gave the company an “overweight” rating in a research note on Thursday, July 31st. Morgan Stanley raised their price target on Robinhood Markets from $43.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 15th. Redburn Atlantic restated a “sell” rating and issued a $48.00 price target (up from $40.00) on shares of Robinhood Markets in a research note on Monday, June 9th. Barclays raised their price target on Robinhood Markets from $102.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, July 31st. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Robinhood Markets from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. 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 company’s stock. Based on data from MarketBeat.com, Robinhood Markets has an average rating of “Moderate Buy” and an average target price of $96.29.

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.