Cannon Global Investment Management LLC Invests $515,000 in Robinhood Markets, Inc. $HOOD

Key Points

• Cannon Global Investment Management LLC invested $515,000 in Robinhood Markets, purchasing 5,500 shares, marking the stock as its 27th largest holding, comprising around 1.1% of its portfolio.
• Robinhood's recent earnings beat expectations, reporting earnings of $0.42 per share and revenue of $989 million, a 45% year-over-year increase.
• The stock has shown significant analyst support, with 12 analysts rating it as a Buy and a consensus price target of $118.94, reflecting a positive outlook in the market.

Cannon Global Investment Management LLC bought a new stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 5,500 shares of the company's stock, valued at approximately $515,000. Robinhood Markets accounts for about 1.1% of Cannon Global Investment Management LLC's portfolio, making the stock its 27th largest holding.

A number of other hedge funds have also made changes to their positions in the business. Quotient Wealth Partners LLC purchased a new position in shares of Robinhood Markets in the 2nd quarter valued at $305,000. Koshinski Asset Management Inc. purchased a new position in shares of Robinhood Markets in the 2nd quarter valued at $573,000. Hartline Investment Corp purchased a new position in shares of Robinhood Markets in the 2nd quarter valued at $5,801,000. Stratos Wealth Partners LTD. purchased a new position in shares of Robinhood Markets in the 2nd quarter valued at $751,000. Finally, Private Trust Co. NA raised its stake in shares of Robinhood Markets by 64.3% in the 2nd quarter. Private Trust Co. NA now owns 7,543 shares of the company's stock valued at $706,000 after acquiring an additional 2,953 shares during the period. Hedge funds and other institutional investors own 93.27% of the company's stock.

Robinhood Markets Stock Performance

HOOD opened at $129.91 on Friday. The company has a 50-day moving average of $121.26 and a 200-day moving average of $88.95. The company has a market capitalization of $115.45 billion, a P/E ratio of 65.94, a PEG ratio of 3.47 and a beta of 2.42. Robinhood Markets, Inc. has a 1-year low of $23.00 and a 1-year high of $153.86.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its earnings results 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. The company had revenue of $989.00 million during 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 was up 45.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.21 EPS. As a group, sell-side analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Citizens Jmp raised their target price on shares of Robinhood Markets from $130.00 to $170.00 and gave the company a "mkt outperform" rating in a research note on Thursday, October 9th. Bank of America raised their target price on shares of Robinhood Markets from $139.00 to $157.00 and gave the company a "buy" rating in a research note on Thursday, October 2nd. Barclays lifted their price target on shares of Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Morgan Stanley lifted their price target on shares of Robinhood Markets from $110.00 to $146.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 1st. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Robinhood Markets in a research note on Wednesday, October 8th. Twelve equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $118.94.

Insider Buying and Selling

In related news, CEO Vladimir Tenev sold 750,000 shares of the business's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $139.73, for a total transaction of $104,797,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Baiju Bhatt sold 418,338 shares of the business's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $119.42, for a total transaction of $49,957,923.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,181,462 shares of company stock worth $567,328,871. 14.47% of the stock is currently owned by 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.

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