Avantax Advisory Services Inc. Acquires 5,678 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Avantax Advisory Services Inc. has increased its stake in Robinhood Markets, Inc. by 29.7% in the first quarter, now owning 24,799 shares valued at approximately $1.03 million.
• Several hedge funds, including FMR LLC and Renaissance Technologies LLC, have significantly boosted their stakes in Robinhood, with institutional investors currently owning 93.27% of the company's stock.
• Analysts have raised their target prices for Robinhood shares, with a consensus price target of $96.29, indicating a generally positive outlook for the stock despite mixed ratings.

Avantax Advisory Services Inc. grew its stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 29.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,799 shares of the company's stock after acquiring an additional 5,678 shares during the period. Avantax Advisory Services Inc.'s holdings in Robinhood Markets were worth $1,032,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of HOOD. Ninepoint Partners LP bought a new position in shares of Robinhood Markets during the first quarter worth approximately $514,000. BG Investment Services Inc. bought a new stake in shares of Robinhood Markets during the first quarter worth $421,000. Black Swift Group LLC bought a new stake in shares of Robinhood Markets during the first quarter worth $416,000. AE Wealth Management LLC bought a new stake in shares of Robinhood Markets during the first quarter worth $2,669,000. Finally, Wedbush Securities Inc. bought a new stake in shares of Robinhood Markets during the first quarter worth $385,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on HOOD shares. Piper Sandler boosted their target price on shares of Robinhood Markets from $110.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday. Barclays lifted their price target on shares of Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday. Needham & Company LLC lifted their price target on shares of Robinhood Markets from $71.00 to $120.00 and gave the stock a "buy" rating in a report on Thursday. KeyCorp lifted their price target on shares of Robinhood Markets from $60.00 to $110.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Finally, Morgan Stanley boosted their target price on shares of Robinhood Markets from $43.00 to $110.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.29.

Insider Buying and Selling at Robinhood Markets

In other Robinhood Markets news, Director Baiju Bhatt sold 418,338 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $74.29, for a total value of $31,078,330.02. Following the completion of the transaction, the director owned 7,863 shares of the company's stock, valued at $584,142.27. This represents a 98.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven M. Quirk sold 104,887 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $70.14, for a total value of $7,356,774.18. Following the sale, the insider owned 228,621 shares in the company, valued at approximately $16,035,476.94. The trade was a 31.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,026,690 shares of company stock valued at $257,160,102 in the last three months. Corporate insiders own 19.95% of the company's stock.

Robinhood Markets Stock Down 3.1%

Shares of HOOD stock traded down $3.15 during trading hours on Friday, reaching $99.90. 76,566,177 shares of the company's stock were exchanged, compared to its average volume of 47,307,080. The stock has a market capitalization of $88.46 billion, a P/E ratio of 50.71, a P/E/G ratio of 4.59 and a beta of 2.36. Robinhood Markets, Inc. has a fifty-two week low of $13.98 and a fifty-two week high of $113.44. The business has a fifty day moving average price of $86.92 and a 200-day moving average price of $62.11.

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. The company 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%. Robinhood Markets's revenue was up 45.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.21 EPS. As a group, research analysts expect 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.