Central Pacific Bank Trust Division Has $1.17 Million Stock Position in Robinhood Markets, Inc. $HOOD

Key Points

• Central Pacific Bank Trust Division reduced its stake in Robinhood Markets, Inc. by 41.5% during Q2, now holding 12,502 shares valued at approximately $1.17 million.
• Insider Daniel Martin Gallagher, Jr. sold 225,000 shares of Robinhood's stock for a total of $22.49 million, decreasing his ownership by 27.54%.
• Robinhood reported a 45% year-over-year increase in revenue for the quarter, reaching $989 million, and had an EPS of $0.42, exceeding estimates.

Central Pacific Bank Trust Division cut its stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 41.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,502 shares of the company's stock after selling 8,886 shares during the period. Central Pacific Bank Trust Division's holdings in Robinhood Markets were worth $1,171,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Whipplewood Advisors LLC boosted its stake in shares of Robinhood Markets by 564.4% in the 1st quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock valued at $25,000 after purchasing an additional 508 shares during the last quarter. Hemington Wealth Management raised its stake in Robinhood Markets by 52.2% during the first quarter. Hemington Wealth Management now owns 636 shares of the company's stock worth $26,000 after acquiring an additional 218 shares in the last quarter. Wayfinding Financial LLC acquired a new position in shares of Robinhood Markets in the first quarter valued at approximately $30,000. Pandora Wealth Inc. bought a new position in shares of Robinhood Markets in the 1st quarter worth $33,000. Finally, MassMutual Private Wealth & Trust FSB raised its position in Robinhood Markets by 139.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 854 shares of the company's stock valued at $36,000 after buying an additional 498 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company's stock.

Insiders Place Their Bets

In other news, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $99.97, for a total value of $22,493,250.00. Following the transaction, the insider owned 591,887 shares in the company, valued at $59,170,943.39. This trade represents a 27.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 transaction, the insider owned 136,364 shares in the company, valued at approximately $11,585,485.44. The trade was a 40.35% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,773,719 shares of company stock valued at $589,293,510. 14.47% of the stock is owned by corporate insiders.

Robinhood Markets Stock Performance

Shares of HOOD stock opened at $115.03 on Friday. The firm has a market capitalization of $102.22 billion, a PE ratio of 58.39, a P/E/G ratio of 4.32 and a beta of 2.36. Robinhood Markets, Inc. has a fifty-two week low of $21.50 and a fifty-two week high of $123.44. The stock's 50-day simple moving average is $105.99 and its 200-day simple moving average is $73.63.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.42 EPS 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 firm had revenue of $989.00 million for the quarter, compared to analyst estimates of $893.93 million. During the same period last year, the company earned $0.21 earnings per share. Robinhood Markets's revenue for the quarter was up 45.0% compared to the same quarter last year. Sell-side analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Wall Street Analyst Weigh In

HOOD has been the topic of a number of recent analyst reports. Piper Sandler started coverage on shares of Robinhood Markets in a report on Wednesday. They issued an "overweight" rating and a $120.00 price target on the stock. Citigroup boosted their target price on Robinhood Markets from $100.00 to $120.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Cantor Fitzgerald boosted their price target on Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft boosted their target price on Robinhood Markets from $70.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, Compass Point boosted their target price on shares of Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a research note on Friday, June 27th. 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 MarketBeat.com, Robinhood Markets presently has an average rating of "Moderate Buy" and an average target price of $101.88.

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.

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