Robinhood Markets, Inc. $HOOD Holdings Reduced by Cornerstone Advisors LLC

Cornerstone Advisors LLC trimmed its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD) by 43.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,309 shares of the company’s stock after selling 67,942 shares during the quarter. Cornerstone Advisors LLC’s holdings in Robinhood Markets were worth $10,047,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in HOOD. EULAV Asset Management raised its position in Robinhood Markets by 47.9% in the third quarter. EULAV Asset Management now owns 325,342 shares of the company’s stock worth $36,601,000 after acquiring an additional 105,342 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Robinhood Markets by 37.1% in the 2nd quarter. Wellington Management Group LLP now owns 786,318 shares of the company’s stock valued at $78,852,000 after acquiring an additional 212,855 shares during the last quarter. Nykredit A S acquired a new stake in Robinhood Markets in the 2nd quarter valued at about $29,008,000. QRG Capital Management Inc. boosted its position in shares of Robinhood Markets by 14.8% during the 2nd quarter. QRG Capital Management Inc. now owns 180,595 shares of the company’s stock valued at $18,110,000 after purchasing an additional 23,253 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its position in shares of Robinhood Markets by 18.3% during the 2nd quarter. NewEdge Advisors LLC now owns 68,920 shares of the company’s stock valued at $6,911,000 after purchasing an additional 10,685 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Robinhood Markets

In related news, insider Steven M. Quirk sold 24,416 shares of Robinhood Markets stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $120.33, for a total transaction of $2,937,977.28. Following the completion of the sale, the insider owned 77,839 shares of the company’s stock, valued at approximately $9,366,366.87. This trade represents a 23.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Daniel Martin Gallagher, Jr. sold 10,000 shares of Robinhood Markets stock in a transaction on Monday, October 5th. The shares were sold at an average price of $113.71, for a total value of $1,137,100.00. Following the sale, the insider directly owned 499,943 shares of the company’s stock, valued at approximately $56,848,518.53. The trade was a 1.96% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,045,503 shares of company stock worth $123,905,130 over the last 90 days. 13.48% of the stock is currently owned by insiders.

Key Headlines Impacting Robinhood Markets

Here are a few of the latest headlines about HOOD:

• Positive Sentiment: October event-contract trading rose 136% year over year to about 5.9 billion contracts, extending a fast-growing revenue stream that could help offset softness in other trading products. Article: Robinhood’s Prediction Market Bet Is Paying Off
• Negative Sentiment: Crypto trading volume fell 48% year over year in October to $17 billion. Securities-lending revenue also declined 43%, raising concerns about transaction revenue and net interest revenue growth in the fourth quarter. Article: Robinhood Crypto Volume Sinks in October
• Negative Sentiment: Louisiana’s attorney general has also sued Robinhood and other firms over prediction markets, creating potential regulatory risk for a product line that has recently been a growth bright spot. Article: Louisiana AG Sues Over Prediction Markets

Robinhood Markets Stock Performance

Shares of HOOD opened at $77.86 on Friday. The company has a market capitalization of $70.11 billion, a PE ratio of 35.88, a PEG ratio of 1.81 and a beta of 2.56. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.24. The company’s 50 day moving average price is $103.25 and its 200 day moving average price is $91.68. Robinhood Markets, Inc. has a 52 week low of $63.51 and a 52 week high of $139.75.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Wednesday, October 28th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.04. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.44 billion. Robinhood Markets had a net margin of 39.04% and a return on equity of 21.49%. The company’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.61 EPS. Research analysts expect that Robinhood Markets, Inc. will post 2.10 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on HOOD shares. Piper Sandler reissued an “overweight” rating and set a $145.00 target price (up from $135.00) on shares of Robinhood Markets in a research note on Wednesday, September 2nd. Keefe, Bruyette & Woods lifted their price target on shares of Robinhood Markets from $100.00 to $115.00 and gave the stock a “market perform” rating in a research report on Tuesday, September 29th. KeyCorp decreased their price target on shares of Robinhood Markets from $140.00 to $135.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 28th. Zacks Research cut Robinhood Markets from a “strong-buy” rating to a “hold” rating in a report on Monday, November 2nd. Finally, Mizuho increased their price objective on Robinhood Markets from $130.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, September 9th. One analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $124.01.

Robinhood Markets Company Profile

Robinhood Markets, Inc. operates a digital financial services platform that gives customers access to investing and financial products through its website and mobile app. Its offerings include trading in stocks, exchange-traded funds, options and cryptocurrencies, as well as retirement accounts and cash-management services. Founded in 2013 by Vlad Tenev and Baiju Bhatt, Robinhood built its business around making financial services more accessible through a mobile-first platform. The company is headquartered in Menlo Park, California, and serves customers in the United States and select international markets.