Aspen Investment Management Inc Takes Position in Robinhood Markets, Inc. $HOOD

Key Points

• Aspen Investment Management Inc. has acquired a new stake in Robinhood Markets, Inc., purchasing 38,803 shares valued at approximately $1.6 million in the 1st quarter of this year.
• Institutional investors hold a significant majority of Robinhood, with 93.27% of the stock owned by them, including recent notable increases in holdings from firms like Vanguard and AGF Management.
• Robinhood reported better-than-expected earnings, with $0.42 earnings per share against a consensus estimate of $0.30, and a revenue of $989 million for the quarter, marking a 45% year-over-year increase.

Aspen Investment Management Inc bought a new position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 38,803 shares of the company's stock, valued at approximately $1,615,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Robinhood Markets by 24.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,395,651 shares of the company's stock worth $141,327,000 after purchasing an additional 668,184 shares during the last quarter. Empowered Funds LLC boosted its position in Robinhood Markets by 46.7% in the first quarter. Empowered Funds LLC now owns 49,870 shares of the company's stock worth $2,076,000 after purchasing an additional 15,885 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its position in Robinhood Markets by 21.4% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 8,379 shares of the company's stock worth $349,000 after purchasing an additional 1,479 shares during the last quarter. Caxton Associates LLP purchased a new position in Robinhood Markets in the first quarter worth about $2,688,000. Finally, Fred Alger Management LLC boosted its position in Robinhood Markets by 164.0% in the first quarter. Fred Alger Management LLC now owns 3,680,960 shares of the company's stock worth $153,202,000 after purchasing an additional 2,286,645 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on HOOD. Needham & Company LLC raised their price objective on shares of Robinhood Markets from $71.00 to $120.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. JMP Securities upped their price objective on Robinhood Markets from $125.00 to $130.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 31st. Cantor Fitzgerald upped their price objective on Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Compass Point boosted their price target on Robinhood Markets from $64.00 to $96.00 and gave the stock a "buy" rating in a report on Friday, June 27th. Finally, Barclays boosted their price target on Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Eleven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Robinhood Markets currently has a consensus rating of "Moderate Buy" and an average target price of $101.88.

Robinhood Markets Stock Performance

NASDAQ:HOOD traded down $2.72 during trading hours on Friday, reaching $115.03. The stock had a trading volume of 37,143,390 shares, compared to its average volume of 39,213,336. Robinhood Markets, Inc. has a 52 week low of $21.50 and a 52 week high of $123.44. The company has a 50 day moving average price of $105.99 and a two-hundred day moving average price of $73.46. The stock has a market capitalization of $102.22 billion, a PE ratio of 58.39, a PEG ratio of 4.32 and a beta of 2.36.

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

Insiders Place Their Bets

In other Robinhood Markets news, Director Baiju Bhatt sold 418,338 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $119.42, for a total value of $49,957,923.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Jeffrey Tsvi Pinner sold 5,865 shares of Robinhood Markets stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $99.83, for a total value of $585,502.95. Following the completion of the sale, the chief technology officer directly owned 23,680 shares in the company, valued at approximately $2,363,974.40. The trade was a 19.85% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,773,719 shares of company stock worth $589,293,510. 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.