Accurate Wealth Management LLC Purchases New Position in Robinhood Markets, Inc. $HOOD

Key Points

• Accurate Wealth Management LLC has acquired a new position in Robinhood Markets, purchasing 2,081 shares valued at approximately $205,000 in Q2 2023.
• Insider sales have been notable, with CEO Vladimir Tenev selling 750,000 shares for approximately $69.95 million and total insider sales across three months reaching over $581 million.
• Wall Street analysts are optimistic about Robinhood's growth, with multiple firms increasing their price targets and an average target price of $104.06, reflecting a consensus "Moderate Buy" rating.

Accurate Wealth Management LLC purchased a new stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,081 shares of the company's stock, valued at approximately $205,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Robinhood Markets in the second quarter valued at approximately $951,479,000. Vanguard Group Inc. boosted its holdings in shares of Robinhood Markets by 8.6% in the first 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. AGF Management Ltd. boosted its holdings in shares of Robinhood Markets by 286.0% in the first 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. Wealthquest Corp acquired a new stake in shares of Robinhood Markets in the first quarter valued at approximately $156,193,000. Finally, Altimeter Capital Management LP acquired a new stake in shares of Robinhood Markets in the first quarter valued at approximately $120,103,000. 93.27% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Robinhood Markets news, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $93.27, for a total value of $69,952,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $99.97, for a total value of $22,493,250.00. Following the completion of the transaction, the insider 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 5,681,462 shares of company stock worth $581,726,917. 14.47% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

HOOD has been the subject of several research analyst reports. Needham & Company LLC increased their price objective on Robinhood Markets from $71.00 to $120.00 and gave the company a "buy" rating in a report on Thursday, July 31st. JMP Securities increased their price target on Robinhood Markets from $125.00 to $130.00 and gave the stock a "market outperform" rating in a report on Thursday, July 31st. The Goldman Sachs Group increased their price target on Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Redburn Atlantic reaffirmed a "sell" rating and set a $48.00 price target (up from $40.00) on shares of Robinhood Markets in a report on Monday, June 9th. Finally, Cantor Fitzgerald increased their price target on Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Eleven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $104.06.

Robinhood Markets Stock Performance

NASDAQ:HOOD opened at $121.78 on Friday. The stock has a fifty day moving average price of $110.49 and a two-hundred day moving average price of $78.76. The stock has a market capitalization of $108.22 billion, a price-to-earnings ratio of 61.82, a PEG ratio of 4.37 and a beta of 2.36. Robinhood Markets, Inc. has a 1 year low of $22.05 and a 1 year high of $130.07.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.12. The firm had revenue of $989.00 million during the quarter, compared to analysts' expectations of $893.93 million. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%.Robinhood Markets's revenue was up 45.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.21 earnings per share. On average, analysts predict that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

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.

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