Alpine Global Management LLC Cuts Stake in Robinhood Markets, Inc. $HOOD

Key Points

• Alpine Global Management LLC significantly reduced its stake in Robinhood Markets, selling 272,224 shares and lowering its holdings by 82.8%, leaving it with 56,694 shares valued at $2.36 million.
• Insider sales have been notable, including Daniel Martin Gallagher, Jr. selling 225,000 shares and CEO Vladimir Tenev selling 750,000 shares, collectively contributing to over 5.8 million shares sold by insiders in the last three months.
• Analysts have been optimistic, with several institutions raising their price targets for Robinhood Markets, now having a consensus price target of $100.31 and an average rating of "Moderate Buy."

Alpine Global Management LLC lowered its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 82.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 56,694 shares of the company's stock after selling 272,224 shares during the quarter. Alpine Global Management LLC's holdings in Robinhood Markets were worth $2,360,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. HighTower Advisors LLC grew its position in Robinhood Markets by 6.4% during the first quarter. HighTower Advisors LLC now owns 50,264 shares of the company's stock valued at $2,092,000 after buying an additional 3,032 shares during the period. TD Private Client Wealth LLC grew its position in Robinhood Markets by 184.4% during the first quarter. TD Private Client Wealth LLC now owns 1,829 shares of the company's stock valued at $76,000 after buying an additional 1,186 shares during the period. Caitong International Asset Management Co. Ltd grew its position in Robinhood Markets by 125.9% during the first quarter. Caitong International Asset Management Co. Ltd now owns 19,201 shares of the company's stock valued at $799,000 after buying an additional 10,703 shares during the period. Wealthcare Advisory Partners LLC acquired a new stake in Robinhood Markets during the first quarter valued at $277,000. Finally, Burns Matteson Capital Management LLC acquired a new stake in Robinhood Markets during the first quarter valued at $495,000. Institutional investors and hedge funds own 93.27% of the company's stock.

Insider Activity at Robinhood Markets

In other Robinhood Markets news, Director Meyer Malka sold 1,093,288 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $103.87, for a total transaction of $113,559,824.56. Following the completion of the transaction, the director owned 3,976,234 shares in the company, valued at $413,011,425.58. The trade was a 21.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $99.97, for a total transaction of $22,493,250.00. Following the sale, the insider owned 591,887 shares of the company's stock, valued at $59,170,943.39. This represents a 27.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,688,606 shares of company stock worth $561,670,429 over the last ninety days. 19.95% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on HOOD shares. Cantor Fitzgerald raised their price target on shares of Robinhood Markets from $100.00 to $118.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. KeyCorp raised their price target on shares of Robinhood Markets from $60.00 to $110.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Compass Point raised their price objective on Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a report on Friday, June 27th. The Goldman Sachs Group raised their price target on shares of Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Robinhood Markets from $89.00 to $106.00 and gave the stock a "market perform" rating in a research note on Thursday, July 31st. Eleven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Robinhood Markets currently has an average rating of "Moderate Buy" and an average target price of $100.31.

Robinhood Markets Price Performance

Shares of HOOD stock traded down $3.19 during trading on Tuesday, reaching $100.84. The company's stock had a trading volume of 40,803,754 shares, compared to its average volume of 35,018,416. The company has a market capitalization of $89.61 billion, a price-to-earnings ratio of 69.35, a P/E/G ratio of 3.81 and a beta of 2.36. The stock's 50-day moving average price is $102.25 and its 200 day moving average price is $70.27. Robinhood Markets, Inc. has a 1-year low of $18.71 and a 1-year high of $117.70.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $989.00 million during the quarter, compared to analysts' expectations of $893.93 million. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.48%. The business's quarterly revenue was up 45.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.21 earnings per share. On average, sell-side analysts anticipate that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal 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.