Canada Pension Plan Investment Board Grows Stake in Robinhood Markets, Inc. $HOOD

Key Points

• The Canada Pension Plan Investment Board increased its stake in Robinhood Markets by 114.8% in Q1, owning 369,900 shares valued at approximately $15.4 million.
• Despite strong institutional support, Robinhood's stock price fell 3.1% to $100.84, with an average target price from analysts at $100.31.
• Robinhood reported a significant 45% increase in quarterly revenue year-over-year, totaling $989 million, and earnings per share of $0.42, surpassing analyst expectations.

Canada Pension Plan Investment Board lifted its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 114.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 369,900 shares of the company's stock after purchasing an additional 197,673 shares during the period. Canada Pension Plan Investment Board's holdings in Robinhood Markets were worth $15,395,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Robinhood Markets by 8.6% in the 1st quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company's stock worth $3,089,914,000 after purchasing an additional 5,874,701 shares in the last quarter. Newlands Management Operations LLC raised its holdings in shares of Robinhood Markets by 1.1% during the fourth quarter. Newlands Management Operations LLC now owns 24,158,860 shares of the company's stock worth $900,159,000 after purchasing an additional 273,860 shares during the last quarter. Two Sigma Advisers LP increased its holdings in Robinhood Markets by 0.5% in the fourth quarter. Two Sigma Advisers LP now owns 10,699,600 shares of the company's stock valued at $398,667,000 after buying an additional 52,700 shares in the last quarter. AGF Management Ltd. grew its position in shares of Robinhood Markets by 286.0% in the first quarter. AGF Management Ltd. now owns 5,743,715 shares of the company's stock valued at $239,053,000 after purchasing an additional 4,255,862 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Robinhood Markets by 2.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,851,352 shares of the company's stock valued at $201,913,000 after acquiring an additional 131,620 shares during the last quarter. Institutional investors own 93.27% of the company's stock.

Robinhood Markets Stock Down 3.1%

HOOD stock traded down $3.19 during midday trading on Tuesday, reaching $100.84. The stock had a trading volume of 40,803,754 shares, compared to its average volume of 35,018,416. The business has a fifty day simple moving average of $102.62 and a two-hundred day simple moving average of $70.48. The firm has a market cap of $89.61 billion, a price-to-earnings ratio of 51.19, a PEG ratio of 3.81 and a beta of 2.36. Robinhood Markets, Inc. has a twelve month low of $18.71 and a twelve month high of $117.70.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.12. The business had revenue of $989.00 million during the quarter, compared to analyst estimates of $893.93 million. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%.Robinhood Markets's quarterly revenue was up 45.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.21 EPS. On average, equities analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Robinhood Markets news, insider Steven M. Quirk sold 92,257 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $84.96, for a total value of $7,838,154.72. Following the completion of the sale, the insider directly owned 136,364 shares in the company, valued at approximately $11,585,485.44. The trade was a 40.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of the business's stock in a transaction that occurred on 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 sale, the insider owned 591,887 shares of the company's stock, valued at approximately $59,170,943.39. This represents a 27.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,688,606 shares of company stock valued at $561,670,429 in the last ninety days. Insiders own 19.95% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on HOOD. Cantor Fitzgerald upped their price objective on shares of Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Piper Sandler lifted their target price on shares of Robinhood Markets from $110.00 to $120.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Mizuho boosted their price objective on shares of Robinhood Markets from $99.00 to $120.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. The Goldman Sachs Group upped their price target on shares of Robinhood Markets from $91.00 to $104.00 and gave the company a "buy" rating in a report on Monday, July 7th. 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 report on Thursday, July 31st. Eleven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Robinhood Markets has an average rating of "Moderate Buy" and an average target price of $100.31.

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.