BNC Wealth Management LLC Acquires 21,688 Shares of Robinhood Markets, Inc. $HOOD

Key Points

• BNC Wealth Management LLC increased its holdings in Robinhood Markets by 59.5% during the second quarter, acquiring an additional 21,688 shares and bringing their total ownership to 58,110 shares, valued at approximately $5.4 million.
• Brokerage upgrades have significantly increased the price targets for Robinhood's stock, with several firms raising their price objectives above $120, reflecting strong market sentiment.
• Robinhood reported an impressive 45% year-over-year revenue growth of $989 million for the most recent quarter and an earnings per share (EPS) of $0.42, surpassing analyst expectations.

BNC Wealth Management LLC increased its holdings in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 59.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 58,110 shares of the company's stock after acquiring an additional 21,688 shares during the quarter. Robinhood Markets comprises about 1.6% of BNC Wealth Management LLC's investment portfolio, making the stock its 18th largest holding. BNC Wealth Management LLC's holdings in Robinhood Markets were worth $5,441,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of HOOD. Kingstone Capital Partners Texas LLC bought a new position in Robinhood Markets during the second quarter worth about $951,479,000. Vanguard Group Inc. grew its stake in Robinhood Markets by 8.6% during the first quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company's stock worth $3,089,914,000 after buying an additional 5,874,701 shares in the last quarter. AGF Management Ltd. grew its stake in Robinhood Markets by 286.0% during the first quarter. AGF Management Ltd. now owns 5,743,715 shares of the company's stock worth $239,053,000 after buying an additional 4,255,862 shares in the last quarter. Wealthquest Corp acquired a new stake in Robinhood Markets during the first quarter worth about $156,193,000. Finally, Altimeter Capital Management LP acquired a new stake in Robinhood Markets during the first quarter worth about $120,103,000. 93.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on HOOD. JMP Securities increased their price objective on shares of Robinhood Markets from $125.00 to $130.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 31st. The Goldman Sachs Group increased their price objective on shares of Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Mizuho increased their price objective on shares of Robinhood Markets from $120.00 to $145.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 10th. Citigroup increased their price objective on shares of Robinhood Markets from $120.00 to $135.00 and gave the stock a "neutral" rating in a research note on Tuesday. Finally, Needham & Company LLC increased their price objective on shares of Robinhood Markets from $71.00 to $120.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Eleven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $104.06.

Robinhood Markets Stock Performance

Shares of NASDAQ HOOD opened at $126.20 on Wednesday. The company has a market capitalization of $112.15 billion, a P/E ratio of 64.06, a price-to-earnings-growth ratio of 4.63 and a beta of 2.36. Robinhood Markets, Inc. has a 52-week low of $22.05 and a 52-week high of $127.78. The company's 50 day moving average price is $109.43 and its 200-day moving average price is $77.23.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.30 by $0.12. The firm had revenue of $989.00 million for 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 17.48%. The company's revenue for the quarter was up 45.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.21 EPS. Analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Jeffrey Tsvi Pinner sold 5,865 shares of Robinhood Markets stock in a transaction on Friday, September 5th. The shares were sold at an average price of $99.83, for a total value of $585,502.95. Following the completion of the sale, the chief technology officer owned 23,680 shares in the company, valued at $2,363,974.40. The trade was a 19.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven M. Quirk sold 60,113 shares of Robinhood Markets stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $100.91, for a total transaction of $6,066,002.83. Following the completion of the sale, the insider owned 94,454 shares of the company's stock, valued at $9,531,353.14. This represents a 38.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,675,598 shares of company stock worth $580,999,019 over the last ninety days. 19.95% of the stock is owned by company insiders.

About Robinhood Markets

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.