Alta Advisers Ltd Purchases Shares of 3,937 Robinhood Markets, Inc. $HOOD

Key Points

• Alta Advisers Ltd acquired 3,937 shares of Robinhood Markets, Inc. valued at approximately $369,000 in the second quarter, indicating growing institutional interest in the company.
• Robinhood reported a 45% year-over-year revenue increase for the last quarter, achieving $989 million in revenue and exceeding analyst expectations.
• Major brokerages have raised their price targets for Robinhood's shares, with Bank of America increasing its target from $139 to $157, reflecting positive sentiment in the market.

Alta Advisers Ltd purchased a new stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,937 shares of the company's stock, valued at approximately $369,000.

A number of other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings 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 acquiring an additional 5,874,701 shares during the period. Kingstone Capital Partners Texas LLC acquired a new position in Robinhood Markets in the second quarter valued at approximately $951,479,000. AGF Management Ltd. lifted its holdings in 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. Charles Schwab Investment Management Inc. lifted its holdings in Robinhood Markets by 2.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,851,352 shares of the company's stock valued at $201,913,000 after acquiring an additional 131,620 shares during the period. Finally, Northern Trust Corp lifted its holdings in Robinhood Markets by 4.2% in the first quarter. Northern Trust Corp now owns 4,061,398 shares of the company's stock valued at $169,035,000 after acquiring an additional 163,823 shares during the period. 93.27% of the stock is owned by institutional investors and hedge funds.

Robinhood Markets Stock Performance

Shares of HOOD opened at $138.96 on Friday. Robinhood Markets, Inc. has a one year low of $23.00 and a one year high of $153.86. The stock has a market capitalization of $123.49 billion, a price-to-earnings ratio of 70.54, a PEG ratio of 3.86 and a beta of 2.42. The stock has a 50 day moving average price of $118.70 and a 200 day moving average price of $86.09.

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

Analyst Ratings Changes

Several brokerages have recently weighed in on HOOD. Bank of America upped their target price on Robinhood Markets from $139.00 to $157.00 and gave the stock a "buy" rating in a research note on Thursday, October 2nd. Needham & Company LLC upped their target price on Robinhood Markets from $120.00 to $145.00 and gave the stock a "buy" rating in a research note on Tuesday, September 30th. The Goldman Sachs Group upped their target price on Robinhood Markets from $134.00 to $152.00 and gave the stock a "buy" rating in a research note on Tuesday, September 30th. Citizens Jmp upped their target price on Robinhood Markets from $130.00 to $170.00 and gave the stock a "mkt outperform" rating in a research note on Thursday. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Robinhood Markets in a research note on Wednesday. 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. Based on data from MarketBeat, Robinhood Markets has a consensus rating of "Moderate Buy" and a consensus price target of $118.94.

Insider Activity

In other Robinhood Markets news, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the company's stock in a transaction on Monday, October 6th. The stock was 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 represents a 32.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of the company's stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $148.34, for a total value of $3,708,500.00. Following the completion of the sale, the insider owned 565,949 shares of the company's stock, valued at approximately $83,952,874.66. The trade was a 4.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681,122 shares of company stock valued at $618,215,681 in the last three months. Company insiders own 14.47% of the company's stock.

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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