BNC Wealth Management LLC Takes $1.52 Million Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

BNC Wealth Management LLC purchased a new stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 36,422 shares of the company's stock, valued at approximately $1,516,000.

Several other large investors also recently modified their holdings of the company. Elevation Point Wealth Partners LLC increased its position in shares of Robinhood Markets by 184.5% during the first quarter. Elevation Point Wealth Partners LLC now owns 18,149 shares of the company's stock worth $755,000 after buying an additional 11,769 shares during the period. RFG Holdings Inc. acquired a new stake in shares of Robinhood Markets during the first quarter worth $327,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Robinhood Markets during the first quarter worth $42,000. CX Institutional acquired a new stake in shares of Robinhood Markets during the first quarter worth $85,000. Finally, Handelsbanken Fonder AB boosted its stake in Robinhood Markets by 5.4% during the first quarter. Handelsbanken Fonder AB now owns 135,700 shares of the company's stock worth $5,648,000 after acquiring an additional 7,000 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on HOOD. Cantor Fitzgerald cut their target price on shares of Robinhood Markets from $62.00 to $60.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Morgan Stanley increased their target price on shares of Robinhood Markets from $40.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 13th. Needham & Company LLC reissued a "buy" rating and set a $71.00 target price on shares of Robinhood Markets in a research note on Tuesday, May 27th. The Goldman Sachs Group increased their target price on shares of Robinhood Markets from $81.00 to $82.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, KeyCorp cut their target price on shares of Robinhood Markets from $75.00 to $55.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $57.17.

Robinhood Markets Trading Down 1.7%

Shares of HOOD traded down $1.24 during trading hours on Friday, reaching $72.60. 27,696,951 shares of the stock traded hands, compared to its average volume of 27,333,775. The stock has a fifty day simple moving average of $56.22 and a 200 day simple moving average of $48.65. Robinhood Markets, Inc. has a 52 week low of $13.98 and a 52 week high of $77.80. The company has a market cap of $64.28 billion, a price-to-earnings ratio of 46.24, a PEG ratio of 1.05 and a beta of 2.25.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.04). Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. The company had revenue of $927.00 million for the quarter, compared to analysts' expectations of $917.12 million. During the same quarter last year, the business posted $0.18 EPS. The business's quarterly revenue was up 50.0% on a year-over-year basis. Analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $41.96, for a total value of $31,470,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Baiju Bhatt sold 418,338 shares of Robinhood Markets stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $74.29, for a total transaction of $31,078,330.02. Following the completion of the transaction, the director now owns 7,863 shares of the company's stock, valued at $584,142.27. The trade was a 98.16% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,650,974 shares of company stock worth $142,977,123. Insiders own 14.47% 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.