ARK Investment Management LLC Sells 2,658,513 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• ARK Investment Management LLC reduced its stake in Robinhood Markets by 20.6%, selling over 2.6 million shares, which now makes up approximately 4.2% of its portfolio.
• Insiders at Robinhood have sold a total of 2,696,644 shares worth nearly $219 million in the last quarter, with CEO Vladimir Tenev selling 750,000 shares for about $70 million.
• Analysts have raised their price targets for Robinhood Markets, with estimates ranging from $71.00 to $110.00, reflecting varying outlooks but generally indicating a positive consensus on the stock.

ARK Investment Management LLC lessened its position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 20.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 10,248,659 shares of the company's stock after selling 2,658,513 shares during the period. Robinhood Markets makes up about 4.2% of ARK Investment Management LLC's holdings, making the stock its 6th largest position. ARK Investment Management LLC owned 1.16% of Robinhood Markets worth $426,549,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. MetLife Investment Management LLC increased its stake in Robinhood Markets by 1.5% during the 4th quarter. MetLife Investment Management LLC now owns 11,806 shares of the company's stock valued at $440,000 after purchasing an additional 171 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Robinhood Markets by 4.0% during the first quarter. Farther Finance Advisors LLC now owns 6,890 shares of the company's stock valued at $290,000 after buying an additional 265 shares during the last quarter. Allworth Financial LP increased its position in shares of Robinhood Markets by 23.4% during the first quarter. Allworth Financial LP now owns 1,401 shares of the company's stock worth $58,000 after acquiring an additional 266 shares in the last quarter. HighPoint Advisor Group LLC raised its holdings in shares of Robinhood Markets by 0.8% in the 1st quarter. HighPoint Advisor Group LLC now owns 36,510 shares of the company's stock worth $1,520,000 after acquiring an additional 272 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC raised its holdings in shares of Robinhood Markets by 1.1% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 28,850 shares of the company's stock worth $1,201,000 after acquiring an additional 320 shares during the last quarter. Institutional investors own 93.27% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on HOOD. Morgan Stanley lifted their price target on Robinhood Markets from $43.00 to $110.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Barclays lifted their target price on Robinhood Markets from $57.00 to $102.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Citigroup increased their price target on Robinhood Markets from $50.00 to $100.00 and gave the company a "neutral" rating in a research report on Monday, July 7th. Needham & Company LLC restated a "buy" rating and set a $71.00 price objective on shares of Robinhood Markets in a research note on Tuesday, May 27th. Finally, Mizuho lifted their price objective on shares of Robinhood Markets from $80.00 to $99.00 and gave the stock an "outperform" rating in a report on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $85.29.

Insiders Place Their Bets

In related news, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $93.27, for a total value of $69,952,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Baiju Bhatt sold 418,338 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $74.29, for a total transaction of $31,078,330.02. Following the sale, the director directly owned 7,863 shares in the company, valued at $584,142.27. The trade was a 98.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,696,644 shares of company stock worth $218,696,575 over the last quarter. 14.47% of the stock is currently owned by company insiders.

Robinhood Markets Price Performance

NASDAQ:HOOD opened at $104.85 on Friday. The company has a market capitalization of $92.84 billion, a P/E ratio of 59.57, a P/E/G ratio of 5.20 and a beta of 2.36. The business has a fifty day simple moving average of $82.95 and a two-hundred day simple moving average of $59.71. Robinhood Markets, Inc. has a 1 year low of $13.98 and a 1 year high of $113.44.

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

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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