Allspring Global Investments Holdings LLC Decreases Position in Robinhood Markets, Inc. $HOOD

Key Points

• Allspring Global Investments Holdings LLC has reduced its stake in Robinhood Markets, Inc. by 43.3%, selling over 1.2 million shares in the second quarter, leaving it with approximately $150.8 million in holdings.
• Several institutional investors have made significant changes to their positions, with Vanguard Group Inc. increasing its stake by 8.6% to own over 74 million shares valued at approximately $3.09 billion.
• Robinhood's recent earnings report indicated a 45% revenue increase year-over-year, reporting $989 million in revenue and earnings per share of $0.42, beating analyst expectations.

Allspring Global Investments Holdings LLC lowered its position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 43.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,633,498 shares of the company's stock after selling 1,247,802 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.18% of Robinhood Markets worth $150,821,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in 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 buying an additional 5,874,701 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Robinhood Markets during the second quarter worth approximately $951,479,000. AGF Management Ltd. raised its stake in shares of Robinhood Markets by 286.0% during the first quarter. AGF Management Ltd. now owns 5,743,715 shares of the company's stock worth $239,053,000 after purchasing an additional 4,255,862 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Robinhood Markets by 2.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,851,352 shares of the company's stock worth $201,913,000 after purchasing an additional 131,620 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Robinhood Markets by 4.2% during the first quarter. Northern Trust Corp now owns 4,061,398 shares of the company's stock worth $169,035,000 after purchasing an additional 163,823 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Robinhood Markets Price Performance

Shares of HOOD stock opened at $138.96 on Monday. The business's fifty day moving average price is $118.70 and its 200 day moving average price is $86.38. Robinhood Markets, Inc. has a 1-year low of $23.00 and a 1-year high of $153.86. The firm has a market capitalization of $123.49 billion, a PE ratio of 70.54, a P/E/G ratio of 3.77 and a beta of 2.42.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.12. The company 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%.Robinhood Markets's revenue was up 45.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.21 earnings per share. Equities research analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

HOOD has been the subject of several analyst reports. Citizens Jmp upped their price target on Robinhood Markets from $130.00 to $170.00 and gave the stock a "mkt outperform" rating in a research note on Thursday. JMP Securities upped their price target on Robinhood Markets from $130.00 to $170.00 and gave the stock a "market outperform" rating in a research note on Thursday. Bank of America upped their price target on Robinhood Markets from $139.00 to $157.00 and gave the stock a "buy" rating in a research note on Thursday, October 2nd. The Goldman Sachs Group upped their price target on Robinhood Markets from $134.00 to $152.00 and gave the stock a "buy" rating in a research note on Tuesday, September 30th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Robinhood Markets in a research note on Wednesday, October 8th. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $118.94.

Insider Buying and Selling

In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of the company's stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $148.34, for a total value of $3,708,500.00. Following the sale, the insider owned 565,949 shares of the company's stock, valued at approximately $83,952,874.66. This represents a 4.23% 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. Also, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the company's stock in a transaction on Monday, October 6th. The shares were sold at an average price of $147.53, for a total value of $865,115.92. Following the completion of the sale, the chief technology officer directly owned 11,952 shares in the company, valued at $1,763,278.56. This trade represents a 32.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,566,947 shares of company stock valued at $606,609,792 in the last three months. 19.95% of the stock is owned by insiders.

About Robinhood Markets

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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