Bank of Nova Scotia Increases Stock Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• The Bank of Nova Scotia increased its stake in Robinhood Markets by 92.6% during the first quarter, acquiring an additional 288,824 shares, which brought its total ownership to 600,871 shares valued at approximately $25 million.
• Several analysts have upgraded their target price for Robinhood shares, with Citigroup setting a new target of $120.00 and KeyCorp raising it to $110.00, indicating strong optimism for the stock's future performance.
• Robinhood's latest earnings report showed a quarterly revenue increase of 45% year-over-year, with an earnings per share (EPS) of $0.42, surpassing the estimated EPS of $0.30.

Bank of Nova Scotia raised its stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 92.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 600,871 shares of the company's stock after acquiring an additional 288,824 shares during the quarter. Bank of Nova Scotia owned approximately 0.07% of Robinhood Markets worth $25,008,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Banco Santander S.A. bought a new position in Robinhood Markets during the 1st quarter valued at $2,571,000. Cumberland Partners Ltd acquired a new stake in shares of Robinhood Markets during the first quarter worth $1,249,000. PNC Financial Services Group Inc. raised its holdings in shares of Robinhood Markets by 366.8% during the first quarter. PNC Financial Services Group Inc. now owns 31,389 shares of the company's stock worth $1,306,000 after purchasing an additional 24,664 shares during the period. Jupiter Asset Management Ltd. acquired a new stake in shares of Robinhood Markets during the first quarter worth $3,203,000. Finally, Wealthquest Corp acquired a new stake in shares of Robinhood Markets during the first quarter worth $156,193,000. 93.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on HOOD shares. Citigroup increased their target price on shares of Robinhood Markets from $100.00 to $120.00 and gave the stock a "neutral" rating in a report on Thursday. JPMorgan Chase & Co. increased their target price on shares of Robinhood Markets from $44.00 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. KeyCorp increased their target price 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. Piper Sandler increased their price objective on shares of Robinhood Markets from $110.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Robinhood Markets from $89.00 to $106.00 and gave the stock a "market perform" rating in a report on Thursday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Robinhood Markets has an average rating of "Moderate Buy" and an average price target of $96.29.

Robinhood Markets Trading Down 3.1%

Robinhood Markets stock opened at $99.90 on Monday. The stock has a market cap of $88.46 billion, a price-to-earnings ratio of 50.71, a PEG ratio of 4.59 and a beta of 2.36. The company's 50-day moving average price is $86.92 and its two-hundred day moving average price is $62.11. Robinhood Markets, Inc. has a 52 week low of $13.98 and a 52 week high of $113.44.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.30 by $0.12. The firm had revenue of $989.00 million for 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 quarterly revenue was up 45.0% on a year-over-year basis. During the same quarter last year, the company earned $0.21 EPS. Research analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Robinhood Markets

In other Robinhood Markets news, Director Baiju Bhatt sold 418,338 shares of the firm's stock in a transaction dated 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven M. Quirk sold 104,887 shares of the firm's stock in a transaction dated 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 transaction, the insider directly 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. In the last 90 days, insiders have sold 3,001,690 shares of company stock valued at $255,967,852. Company insiders own 19.95% of the company's stock.

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.

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