Concord Wealth Partners Takes $142,000 Position in Robinhood Markets, Inc. $HOOD

Concord Wealth Partners acquired a new stake in Robinhood Markets, Inc. (NASDAQ:HOOD) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,516 shares of the company’s stock, valued at approximately $142,000.

Other large investors have also recently added to or reduced their stakes in the company. Hemington Wealth Management lifted its position in Robinhood Markets by 52.2% during the first quarter. Hemington Wealth Management now owns 636 shares of the company’s stock worth $26,000 after buying an additional 218 shares during the period. Wayfinding Financial LLC purchased a new position in Robinhood Markets during the first quarter worth about $30,000. Pandora Wealth Inc. purchased a new position in Robinhood Markets during the first quarter worth about $33,000. V Square Quantitative Management LLC purchased a new position in Robinhood Markets during the second quarter worth about $36,000. Finally, Colonial Trust Advisors lifted its position in Robinhood Markets by 125.0% during the first quarter. Colonial Trust Advisors now owns 900 shares of the company’s stock worth $37,000 after buying an additional 500 shares during the period. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Robinhood Markets Stock Up 1.2%

Shares of NASDAQ HOOD opened at $140.68 on Tuesday. The firm has a market cap of $125.02 billion, a PE ratio of 71.41, a price-to-earnings-growth ratio of 3.77 and a beta of 2.42. The business has a 50 day moving average price of $119.39 and a two-hundred day moving average price of $87.08. Robinhood Markets, Inc. has a fifty-two week low of $23.00 and a fifty-two week high of $153.86.

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

Insiders Place Their Bets

In related news, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the firm’s stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $147.53, for a total value of $865,115.92. Following the sale, the chief technology officer owned 11,952 shares of the company’s stock, valued at approximately $1,763,278.56. This trade represents a 32.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Baiju Bhatt sold 418,338 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $119.42, for a total value of $49,957,923.96. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,566,947 shares of company stock worth $606,609,792. 19.95% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on HOOD shares. Cantor Fitzgerald increased their target price on Robinhood Markets from $100.00 to $118.00 and gave the stock an “overweight” rating in a research report on Thursday, July 31st. Piper Sandler reiterated an “overweight” rating and set a $140.00 target price (up from $120.00) on shares of Robinhood Markets in a research report on Tuesday, September 23rd. The Goldman Sachs Group raised their price objective on Robinhood Markets from $134.00 to $152.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Keefe, Bruyette & Woods raised their price objective on Robinhood Markets from $89.00 to $106.00 and gave the stock a “market perform” rating in a report on Thursday, July 31st. Finally, Bank of America raised their target price on Robinhood Markets from $139.00 to $157.00 and gave the company a “buy” rating in a report on Thursday, October 2nd. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Robinhood Markets currently has an average rating of “Moderate Buy” and a consensus price target of $118.94.

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.