Belpointe Asset Management LLC Increases Holdings in Robinhood Markets, Inc. $HOOD

Key Points

• Belpointe Asset Management LLC significantly increased its holdings in Robinhood Markets by 260.9% in Q2, owning 22,126 shares worth approximately $2.07 million after purchasing an additional 15,995 shares.
• Insider sales were notable, with Daniel Martin Gallagher, Jr. and Baiju Bhatt selling a combined total of over 1.8 million shares in August, representing substantial decreases in their positions.
• Robinhood reported earnings of $0.42 EPS for the last quarter, exceeding estimates and reflecting a 45% revenue increase compared to the prior year.

Belpointe Asset Management LLC increased its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 260.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,126 shares of the company's stock after purchasing an additional 15,995 shares during the quarter. Belpointe Asset Management LLC's holdings in Robinhood Markets were worth $2,072,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of HOOD. Petros Family Wealth LLC purchased a new position in Robinhood Markets during the 2nd quarter worth approximately $563,000. DAVENPORT & Co LLC increased its stake in shares of Robinhood Markets by 528.8% in the second quarter. DAVENPORT & Co LLC now owns 65,899 shares of the company's stock worth $6,170,000 after acquiring an additional 55,419 shares during the period. Highland Capital Management LLC purchased a new position in shares of Robinhood Markets during the second quarter worth $251,000. Wealthcare Advisory Partners LLC lifted its position in Robinhood Markets by 18.5% during the second quarter. Wealthcare Advisory Partners LLC now owns 7,871 shares of the company's stock valued at $737,000 after purchasing an additional 1,227 shares during the period. Finally, Checchi Capital Advisers LLC purchased a new stake in Robinhood Markets in the second quarter valued at $466,000. Institutional investors and hedge funds own 93.27% of the company's stock.

Insider Activity at Robinhood Markets

In related news, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $99.97, for a total value of $22,493,250.00. Following the transaction, the insider directly owned 591,887 shares of the company's stock, valued at approximately $59,170,943.39. This trade represents a 27.54% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Baiju Bhatt sold 1,568,421 shares of Robinhood Markets stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $99.98, for a total value of $156,810,731.58. The disclosure for this sale can be found here. Insiders have sold 5,650,598 shares of company stock worth $613,676,575 in the last quarter. Company insiders own 19.95% of the company's stock.

Robinhood Markets Price Performance

Shares of NASDAQ:HOOD opened at $144.26 on Tuesday. The business's 50 day moving average price is $115.20 and its 200-day moving average price is $83.57. Robinhood Markets, Inc. has a 1 year low of $22.72 and a 1 year high of $153.86. The firm has a market capitalization of $128.20 billion, a price-to-earnings ratio of 73.23, a price-to-earnings-growth ratio of 4.13 and a beta of 2.42.

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 analyst estimates of $893.93 million. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.48%. The firm's revenue was up 45.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.21 EPS. On average, sell-side analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on HOOD shares. Citigroup boosted their price objective on Robinhood Markets from $120.00 to $135.00 and gave the company a "neutral" rating in a report on Tuesday, September 23rd. Needham & Company LLC boosted their price target on Robinhood Markets from $120.00 to $145.00 and gave the company a "buy" rating in a report on Tuesday, September 30th. Piper Sandler restated an "overweight" rating and issued a $140.00 price objective (up previously from $120.00) on shares of Robinhood Markets in a research report on Tuesday, September 23rd. Bank of America lifted their target price on shares of Robinhood Markets from $139.00 to $157.00 and gave the company a "buy" rating in a report on Thursday, October 2nd. Finally, JMP Securities increased their price target on shares of Robinhood Markets from $125.00 to $130.00 and gave the stock a "market outperform" rating in a report on Thursday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $113.59.

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.

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