West Michigan Advisors LLC Buys Shares of 2,834 Robinhood Markets, Inc. $HOOD

West Michigan Advisors LLC bought a new stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,834 shares of the company’s stock, valued at approximately $265,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HOOD. Hemington Wealth Management increased its holdings in Robinhood Markets by 52.2% during the first quarter. Hemington Wealth Management now owns 636 shares of the company’s stock valued at $26,000 after buying an additional 218 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in Robinhood Markets during the first quarter valued at approximately $30,000. Pandora Wealth Inc. purchased a new stake in Robinhood Markets during the first quarter valued at approximately $33,000. V Square Quantitative Management LLC purchased a new stake in shares of Robinhood Markets in the second quarter worth $36,000. Finally, Colonial Trust Advisors increased its stake in shares of Robinhood Markets by 125.0% in the first quarter. Colonial Trust Advisors now owns 900 shares of the company’s stock worth $37,000 after purchasing an additional 500 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on HOOD. KeyCorp increased their price objective on shares of Robinhood Markets from $60.00 to $110.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Weiss Ratings reissued a “hold (c)” rating on shares of Robinhood Markets in a research note on Wednesday, October 8th. Bank of America increased their price objective on shares of Robinhood Markets from $139.00 to $157.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Barclays increased their price objective on shares of Robinhood Markets from $102.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, July 31st. Finally, Needham & Company LLC increased their price objective on shares of Robinhood Markets from $120.00 to $145.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Robinhood Markets currently has an average rating of “Moderate Buy” and an average price target of $118.94.

Robinhood Markets Stock Performance

Shares of NASDAQ:HOOD opened at $139.79 on Friday. The firm has a fifty day moving average price of $123.41 and a 200 day moving average price of $92.29. Robinhood Markets, Inc. has a fifty-two week low of $23.00 and a fifty-two week high of $153.86. The firm has a market cap of $124.23 billion, a price-to-earnings ratio of 70.96, a P/E/G ratio of 3.49 and a beta of 2.42.

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

Insider Buying and Selling at Robinhood Markets

In other news, Director Meyer Malka sold 1,093,288 shares of the firm’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $103.87, for a total value of $113,559,824.56. Following the completion of the sale, the director owned 3,976,234 shares in the company, valued at approximately $413,011,425.58. This trade represents a 21.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Baiju Bhatt sold 1,568,421 shares of the firm’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $99.98, for a total transaction of $156,810,731.58. The disclosure for this sale can be found here. Insiders have sold 5,175,598 shares of company stock valued at $579,779,430 over the last ninety days. Corporate insiders own 14.47% of the company’s stock.

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.