Parnassus Investments LLC Purchases New Holdings in Robinhood Markets, Inc. $HOOD

Key Points

• Parnassus Investments LLC has acquired 360,000 shares of Robinhood Markets, Inc. for approximately $14.98 million, signaling growing institutional interest in the company.
• Robinhood's stock has demonstrated significant volatility, with a 52-week low of $18.71 and a high of $117.70, and its market cap currently stands at $92.45 billion.
• Recent insider sales include Daniel Martin Gallagher, Jr. selling 225,000 shares, indicating potential profit-taking as company insiders have sold over 5.8 million shares in the last three months.

Parnassus Investments LLC acquired a new stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 360,000 shares of the company's stock, valued at approximately $14,983,000.

A number of other institutional investors have also recently bought and sold shares of the company. WPG Advisers LLC acquired a new stake in Robinhood Markets during the first quarter valued at $38,000. State of Wyoming acquired a new stake in Robinhood Markets during the first quarter valued at $160,000. Eisler Capital Management Ltd. acquired a new stake in Robinhood Markets during the first quarter valued at $1,460,000. B. Metzler seel. Sohn & Co. AG boosted its position in Robinhood Markets by 62.5% during the first quarter. B. Metzler seel. Sohn & Co. AG now owns 24,215 shares of the company's stock valued at $1,008,000 after purchasing an additional 9,318 shares during the last quarter. Finally, CreativeOne Wealth LLC acquired a new stake in Robinhood Markets during the first quarter valued at $330,000. Institutional investors and hedge funds own 93.27% of the company's stock.

Insiders Place Their Bets

In other news, Director Meyer Malka sold 1,093,288 shares of Robinhood Markets stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $103.87, for a total value of $113,559,824.56. Following the transaction, the director directly owned 3,976,234 shares in the company, valued at approximately $413,011,425.58. The trade was a 21.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $93.27, for a total value of $69,952,500.00. The disclosure for this sale can be found here. Insiders sold a total of 5,818,493 shares of company stock valued at $570,818,204 in the last ninety days. Company insiders own 19.95% of the company's stock.

Robinhood Markets Stock Performance

Shares of Robinhood Markets stock traded up $0.34 during trading on Friday, reaching $104.03. The company's stock had a trading volume of 22,092,111 shares, compared to its average volume of 37,341,716. The business's fifty day moving average price is $101.69 and its 200-day moving average price is $70.00. The firm has a market cap of $92.45 billion, a price-to-earnings ratio of 52.81, a price-to-earnings-growth ratio of 3.81 and a beta of 2.36. Robinhood Markets, Inc. has a one year low of $18.71 and a one year high of $117.70.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.30 by $0.12. The business had revenue of $989.00 million for 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 firm's revenue for the quarter was up 45.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.21 earnings per share. Sell-side analysts anticipate that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently issued reports on HOOD. Barclays lifted their price objective on Robinhood Markets from $102.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft boosted their price target on Robinhood Markets from $70.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Redburn Atlantic reaffirmed a "sell" rating and issued a $48.00 price target (up previously from $40.00) on shares of Robinhood Markets in a research report on Monday, June 9th. Piper Sandler boosted their price target on Robinhood Markets from $110.00 to $120.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Finally, The Goldman Sachs Group boosted their price target on Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Eleven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $100.31.

Robinhood Markets Company Profile

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.