AE Wealth Management LLC Takes Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• AE Wealth Management LLC has acquired 64,123 shares of Robinhood Markets, Inc. in a new position valued at approximately $2,669,000.
• Goldman Sachs and Piper Sandler have both significantly increased their price targets for Robinhood's stock, now set at $104.00 and $110.00, respectively.
• Insider transactions show a significant sell-off, with CEO Vladimir Tenev selling 385,485 shares worth around $39.3 million recently.

AE Wealth Management LLC purchased a new stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 64,123 shares of the company's stock, valued at approximately $2,669,000.

Several other hedge funds have also recently modified their holdings of HOOD. Whipplewood Advisors LLC boosted its holdings in Robinhood Markets by 564.4% in the first quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock worth $25,000 after acquiring an additional 508 shares in the last quarter. Wayfinding Financial LLC acquired a new position in Robinhood Markets in the 1st quarter worth about $30,000. CoreCap Advisors LLC lifted its position in shares of Robinhood Markets by 191.6% during the 4th quarter. CoreCap Advisors LLC now owns 837 shares of the company's stock valued at $31,000 after buying an additional 550 shares in the last quarter. Colonial Trust Co SC purchased a new position in Robinhood Markets in the 4th quarter valued at about $34,000. Finally, MassMutual Private Wealth & Trust FSB increased its position in shares of Robinhood Markets by 139.9% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 854 shares of the company's stock worth $36,000 after purchasing an additional 498 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Insider Activity

In other news, insider Steven M. Quirk sold 92,257 shares of the business's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $84.96, for a total transaction of $7,838,154.72. Following the transaction, the insider directly owned 136,364 shares in the company, valued at $11,585,485.44. The trade was a 40.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Baiju Bhatt sold 418,338 shares of the company's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $101.88, for a total value of $42,620,275.44. Following the completion of the sale, the director owned 10,518 shares in the company, valued at approximately $1,071,573.84. This represents a 97.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,020,826 shares of company stock worth $256,545,966 over the last 90 days. Company insiders own 19.95% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on HOOD. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Robinhood Markets from $70.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. The Goldman Sachs Group raised their target price on shares of Robinhood Markets from $91.00 to $104.00 and gave the company a "buy" rating in a report on Monday, July 7th. JPMorgan Chase & Co. upped their price target on Robinhood Markets from $44.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Barclays raised their target price on shares of Robinhood Markets from $57.00 to $102.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Mizuho upped their price target on Robinhood Markets from $80.00 to $99.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, Robinhood Markets presently has an average rating of "Moderate Buy" and an average price target of $85.29.

Robinhood Markets Price Performance

Shares of HOOD stock traded down $2.43 during mid-day trading on Tuesday, hitting $104.34. 14,512,082 shares of the stock traded hands, compared to its average volume of 41,459,523. The stock's fifty day moving average is $83.80 and its two-hundred day moving average is $60.44. Robinhood Markets, Inc. has a 52-week low of $13.98 and a 52-week high of $113.44. The stock has a market cap of $92.39 billion, a P/E ratio of 59.30, a P/E/G ratio of 5.35 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.37 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.04). Robinhood Markets had a return on equity of 15.42% and a net margin of 48.77%. The company had revenue of $927.00 million for the quarter, compared to analyst estimates of $917.12 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. The business's revenue was up 50.0% on a year-over-year basis. As a group, equities analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Robinhood Markets 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.