Bleakley Financial Group LLC Grows Position in Robinhood Markets, Inc. $HOOD

Key Points

• Bleakley Financial Group LLC has increased its stake in Robinhood Markets by 42.6% during the second quarter, bringing its total holdings to 15,227 shares valued at approximately $1.43 million.
• Robinhood's stock has seen a recent surge in analyst ratings, with Goldman Sachs raising its price target from $134 to $152, indicating a general bullish sentiment among investment analysts.
• Despite recent insider selling, Robinhood reported a strong quarter, with earnings per share of $0.42, exceeding expectations and reflecting a 45.0% year-over-year revenue increase.

Bleakley Financial Group LLC raised its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 42.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,227 shares of the company's stock after acquiring an additional 4,546 shares during the period. Bleakley Financial Group LLC's holdings in Robinhood Markets were worth $1,426,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Forum Financial Management LP raised its holdings in shares of Robinhood Markets by 0.8% in the 2nd quarter. Forum Financial Management LP now owns 17,997 shares of the company's stock valued at $1,685,000 after acquiring an additional 134 shares in the last quarter. Ethic Inc. increased its position in shares of Robinhood Markets by 20.5% during the 2nd quarter. Ethic Inc. now owns 53,410 shares of the company's stock valued at $5,001,000 after purchasing an additional 9,069 shares during the last quarter. Parcion Private Wealth LLC bought a new position in shares of Robinhood Markets during the 2nd quarter valued at about $373,000. Benin Management CORP bought a new position in shares of Robinhood Markets during the 2nd quarter valued at about $281,000. Finally, Denali Advisors LLC increased its position in shares of Robinhood Markets by 152.8% during the 2nd quarter. Denali Advisors LLC now owns 103,191 shares of the company's stock valued at $9,662,000 after purchasing an additional 62,371 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Wall Street Analyst Weigh In

HOOD has been the topic of several recent research reports. The Goldman Sachs Group increased their price objective on Robinhood Markets from $134.00 to $152.00 and gave the company a "buy" rating in a research report on Tuesday, September 30th. Keefe, Bruyette & Woods increased their price objective on Robinhood Markets from $89.00 to $106.00 and gave the company a "market perform" rating in a research report on Thursday, July 31st. Bank of America increased their price objective on Robinhood Markets from $139.00 to $157.00 and gave the company a "buy" rating in a research report on Thursday, October 2nd. Needham & Company LLC increased their price objective on Robinhood Markets from $120.00 to $145.00 and gave the company a "buy" rating in a research report on Tuesday, September 30th. Finally, KeyCorp increased their price objective on Robinhood Markets from $60.00 to $110.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $118.94.

Robinhood Markets Stock Performance

NASDAQ HOOD opened at $139.79 on Friday. Robinhood Markets, Inc. has a fifty-two week low of $23.00 and a fifty-two week high of $153.86. The stock has a 50 day simple moving average of $123.41 and a two-hundred day simple moving average of $92.29. The stock has a market cap of $124.23 billion, a P/E ratio of 70.96, a price-to-earnings-growth ratio of 3.49 and a beta of 2.42.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its quarterly earnings data 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. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%.The business had revenue of $989.00 million during the quarter, compared to analysts' expectations of $893.93 million. During the same quarter last year, the business posted $0.21 EPS. The business's revenue was up 45.0% on a year-over-year basis. Sell-side analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insiders Place Their Bets

In other Robinhood Markets news, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $147.53, for a total value of $865,115.92. Following the completion of the sale, the chief technology officer owned 11,952 shares in the company, valued at approximately $1,763,278.56. This trade represents a 32.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Baiju Bhatt sold 418,338 shares of the stock in a transaction that occurred on Tuesday, October 21st. The stock was sold at an average price of $133.11, for a total value of $55,684,971.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,175,598 shares of company stock worth $579,779,430. Insiders own 14.47% of the company's stock.

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.

Want to see what other hedge funds are holding HOOD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.