Atika Capital Management LLC Takes $5.95 Million Position in Robinhood Markets, Inc. $HOOD

Key Points

• Atika Capital Management LLC acquired a new stake in Robinhood Markets, purchasing 143,000 shares valued at approximately $5.95 million during the first quarter.
• Robinhood reported $0.42 earnings per share (EPS) for the last quarter, exceeding analysts' estimates, with a revenue of $989 million, marking a 45% increase year-over-year.
• Robinhood is experiencing significant interest from institutional investors, with 93.27% of the company's stock owned by them, and several analysts have issued positive ratings with updated price targets.

Atika Capital Management LLC bought a new position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 143,000 shares of the company's stock, valued at approximately $5,952,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Robinhood Markets by 8.6% during the 1st 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. AGF Management Ltd. raised its stake in shares of Robinhood Markets by 286.0% during the 1st quarter. AGF Management Ltd. now owns 5,743,715 shares of the company's stock valued at $239,053,000 after buying an additional 4,255,862 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Robinhood Markets by 335.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,185,225 shares of the company's stock valued at $193,202,000 after buying an additional 3,994,745 shares during the last quarter. Wealthquest Corp purchased a new position in shares of Robinhood Markets during the 1st quarter valued at about $156,193,000. Finally, AQR Capital Management LLC raised its stake in shares of Robinhood Markets by 231.9% during the 4th quarter. AQR Capital Management LLC now owns 5,257,840 shares of the company's stock valued at $195,907,000 after buying an additional 3,673,861 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on HOOD. Citigroup lifted their price objective on Robinhood Markets from $100.00 to $120.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. The Goldman Sachs Group lifted their price objective on Robinhood Markets from $91.00 to $104.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Redburn Atlantic restated a "sell" rating and issued a $48.00 price target (up previously from $40.00) on shares of Robinhood Markets in a research note on Monday, June 9th. Keefe, Bruyette & Woods lifted their price target on Robinhood Markets from $89.00 to $106.00 and gave the company a "market perform" rating in a research note on Thursday, July 31st. Finally, JPMorgan Chase & Co. lifted their price target on Robinhood Markets from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Eleven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Robinhood Markets presently has a consensus rating of "Moderate Buy" and a consensus target price of $100.31.

Robinhood Markets Stock Up 2.8%

Shares of Robinhood Markets stock traded up $3.02 on Friday, hitting $109.32. 39,820,141 shares of the company were exchanged, compared to its average volume of 41,865,128. The stock has a market capitalization of $97.15 billion, a price-to-earnings ratio of 55.49, a price-to-earnings-growth ratio of 3.90 and a beta of 2.36. The company has a 50-day moving average price of $98.88 and a 200 day moving average price of $68.10. 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 issued its earnings results on Wednesday, July 30th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.12. The business had revenue of $989.00 million for the quarter, compared to analysts' expectations of $893.93 million. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%.The business's revenue for the quarter was up 45.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.21 EPS. Research analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Insider Buying and Selling

In other news, insider Steven M. Quirk sold 104,887 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $70.14, for a total transaction of $7,356,774.18. Following the transaction, the insider directly owned 228,621 shares in the company, valued at $16,035,476.94. The trade was a 31.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 value of $22,493,250.00. Following the transaction, the insider owned 591,887 shares in the company, valued at approximately $59,170,943.39. This represents a 27.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,644,685 shares of company stock valued at $448,881,884. 14.47% of the stock is currently owned by company insiders.

Robinhood Markets 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.