Wealthfront Advisers LLC Raises Stock Position in Robinhood Markets, Inc. $HOOD

Wealthfront Advisers LLC grew its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD) by 12.7% during the second quarter, HoldingsChannel.com reports. The fund owned 148,901 shares of the company’s stock after purchasing an additional 16,739 shares during the quarter. Wealthfront Advisers LLC’s holdings in Robinhood Markets were worth $13,942,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Robinhood Markets by 8.6% in the 1st quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company’s stock valued at $3,089,914,000 after acquiring an additional 5,874,701 shares during the period. WCM Investment Management LLC raised its stake in shares of Robinhood Markets by 3,615.7% in the 2nd quarter. WCM Investment Management LLC now owns 11,555,160 shares of the company’s stock valued at $1,081,910,000 after acquiring an additional 11,244,182 shares during the period. Kingstone Capital Partners Texas LLC purchased a new position in shares of Robinhood Markets in the 2nd quarter valued at $951,479,000. AGF Management Ltd. raised its stake in shares of Robinhood Markets by 286.0% in the 1st quarter. AGF Management Ltd. now owns 5,743,715 shares of the company’s stock valued at $239,053,000 after acquiring an additional 4,255,862 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Robinhood Markets by 2.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,851,352 shares of the company’s stock worth $201,913,000 after buying an additional 131,620 shares during the period. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Insider Activity

In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $99.97, for a total transaction of $22,493,250.00. Following the completion of the transaction, the insider directly owned 591,887 shares of the company’s stock, valued at $59,170,943.39. The trade was a 27.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven M. Quirk sold 60,113 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $100.91, for a total transaction of $6,066,002.83. Following the sale, the insider owned 94,454 shares in the company, valued at $9,531,353.14. This trade represents a 38.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,175,598 shares of company stock worth $579,779,430 over the last three months. Insiders own 19.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on HOOD. Mizuho lifted their price target on shares of Robinhood Markets from $120.00 to $145.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 10th. Barclays lifted their price target 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. The Goldman Sachs Group lifted their price target on shares of Robinhood Markets from $134.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Keefe, Bruyette & Woods lifted their price target on shares of Robinhood Markets from $89.00 to $106.00 and gave the stock a “market perform” rating in a research note on Thursday, July 31st. Finally, Needham & Company LLC lifted their price target 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 equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $118.94.

Robinhood Markets Stock Performance

NASDAQ HOOD opened at $139.79 on Monday. Robinhood Markets, Inc. has a one year low of $23.00 and a one year high of $153.86. The company has a 50-day simple moving average of $123.41 and a 200-day simple moving average of $93.05. The firm has a market capitalization of $124.23 billion, a PE ratio of 70.96, a price-to-earnings-growth ratio of 3.63 and a beta of 2.42.

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