Allianz Asset Management GmbH Sells 114,777 Shares of Robinhood Markets, Inc. $HOOD

Key Points

• Allianz Asset Management GmbH has reduced its stake in Robinhood Markets by 14.8%, selling 114,777 shares and owning approximately 0.07% of the company worth $61.9 million as of the latest SEC filing.
• Despite the reduction by Allianz, many hedge funds are increasing their positions, with notable increases such as Hemington Wealth Management raising its stake by 52.2% in the first quarter.
• Robinhood Markets reported strong quarterly earnings, with a revenue of $989 million, significantly exceeding analysts' expectations of $893.93 million, and an EPS of $0.42 compared to a consensus estimate of $0.30.

Allianz Asset Management GmbH trimmed its holdings in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 14.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 661,088 shares of the company's stock after selling 114,777 shares during the quarter. Allianz Asset Management GmbH owned about 0.07% of Robinhood Markets worth $61,898,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Hemington Wealth Management increased its position in Robinhood Markets by 52.2% during the first quarter. Hemington Wealth Management now owns 636 shares of the company's stock worth $26,000 after acquiring an additional 218 shares during the period. Wayfinding Financial LLC bought a new position in Robinhood Markets in the 1st quarter valued at about $30,000. Pandora Wealth Inc. bought a new position in Robinhood Markets in the 1st quarter valued at about $33,000. V Square Quantitative Management LLC bought a new position in Robinhood Markets in the 2nd quarter valued at about $36,000. Finally, Colonial Trust Advisors increased its holdings in Robinhood Markets by 125.0% in the 1st quarter. Colonial Trust Advisors now owns 900 shares of the company's stock valued at $37,000 after buying an additional 500 shares during the period. 93.27% of the stock is owned by institutional investors.

Robinhood Markets Trading Down 1.2%

HOOD opened at $129.91 on Friday. The company's 50 day moving average is $121.26 and its 200-day moving average is $88.95. Robinhood Markets, Inc. has a 1-year low of $23.00 and a 1-year high of $153.86. The company has a market cap of $115.45 billion, a P/E ratio of 65.94, a PEG ratio of 3.47 and a beta of 2.42.

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

Insider Buying and Selling at Robinhood Markets

In related news, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $139.73, for a total transaction of $104,797,500.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of Robinhood Markets stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $148.34, for a total transaction of $3,708,500.00. Following the sale, the insider owned 565,949 shares in the company, valued at approximately $83,952,874.66. This represents a 4.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,181,462 shares of company stock worth $567,328,871 over the last quarter. Insiders own 14.47% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Compass Point raised their target price on shares of Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a report on Friday, June 27th. Cantor Fitzgerald raised their target price on shares of Robinhood Markets from $100.00 to $118.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Morgan Stanley raised their target price on shares of Robinhood Markets from $110.00 to $146.00 and gave the company an "equal weight" rating in a report on Wednesday, October 1st. Citigroup raised their target price on shares of Robinhood Markets from $120.00 to $135.00 and gave the company a "neutral" rating in a report on Tuesday, September 23rd. Finally, Keefe, Bruyette & Woods raised their target price on shares of Robinhood Markets from $89.00 to $106.00 and gave the company a "market perform" rating in a report on Thursday, July 31st. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $118.94.

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.

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