Robinhood Markets, Inc. (NASDAQ:HOOD) Shares Sold by Baker Avenue Asset Management LP

Key Points

• Baker Avenue Asset Management LP reduced its position in Robinhood Markets, Inc. by 9.9%, holding 411,660 shares worth approximately $17.13 million after selling 45,248 shares in Q1.
• Insider sales included significant transactions with insider Steven M. Quirk selling 92,257 shares for over $7.83 million, resulting in a decline of 40.35% in his ownership.
• Robinhood's stock experienced a 2.9% decrease, with a recent quarterly earnings report showing a 45% revenue growth compared to the previous year, totaling $989 million in revenue.

Baker Avenue Asset Management LP reduced its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 9.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 411,660 shares of the company's stock after selling 45,248 shares during the period. Baker Avenue Asset Management LP's holdings in Robinhood Markets were worth $17,133,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of HOOD. MetLife Investment Management LLC boosted its position in shares of Robinhood Markets by 1.5% in the fourth quarter. MetLife Investment Management LLC now owns 11,806 shares of the company's stock worth $440,000 after acquiring an additional 171 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of Robinhood Markets by 4.0% in the first quarter. Farther Finance Advisors LLC now owns 6,890 shares of the company's stock worth $290,000 after acquiring an additional 265 shares during the last quarter. Allworth Financial LP boosted its position in shares of Robinhood Markets by 23.4% in 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 during the last quarter. HighPoint Advisor Group LLC boosted its position in shares of Robinhood Markets by 0.8% in the first 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 boosted its position in shares of Robinhood Markets by 1.1% in the first 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. 93.27% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Steven M. Quirk sold 104,887 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $70.14, for a total transaction of $7,356,774.18. Following the completion of the transaction, the insider owned 228,621 shares of the company's stock, valued at approximately $16,035,476.94. The trade was a 31.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 transaction, the director directly owned 7,863 shares of the company's stock, valued at approximately $584,142.27. This trade represents a 98.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,026,690 shares of company stock valued at $257,160,102 over the last 90 days. 14.47% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

HOOD has been the topic of several research analyst reports. Mizuho raised their target price on shares of Robinhood Markets from $99.00 to $120.00 and gave the stock an "outperform" rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Robinhood Markets from $70.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, June 9th. JMP Securities lifted their price target on shares of Robinhood Markets from $125.00 to $130.00 and gave the company a "market outperform" rating in a research report on Thursday. Keefe, Bruyette & Woods lifted their price target on shares of Robinhood Markets from $89.00 to $106.00 and gave the company a "market perform" rating in a research report on Thursday. Finally, Cantor Fitzgerald lifted their price target on shares of Robinhood Markets from $100.00 to $118.00 and gave the company an "overweight" rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Robinhood Markets currently has an average rating of "Moderate Buy" and a consensus target price of $96.29.

Robinhood Markets Trading Down 3.1%

Robinhood Markets stock traded down $3.15 during mid-day trading on Friday, reaching $99.90. The company's stock had a trading volume of 76,566,177 shares, compared to its average volume of 43,469,824. The firm has a market cap of $88.46 billion, a price-to-earnings ratio of 66.60, a PEG ratio of 5.03 and a beta of 2.36. The business has a 50 day moving average price of $86.92 and a 200-day moving average price of $61.89. Robinhood Markets, Inc. has a twelve month low of $13.98 and a twelve month high of $113.44.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.30 by $0.12. The firm had revenue of $989.00 million during the quarter, compared to the consensus estimate of $893.93 million. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.69%. The firm's revenue was up 45.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.21 earnings per share. On average, equities 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.