Commonwealth Financial Services LLC Takes $586,000 Position in Robinhood Markets, Inc. $HOOD

Key Points

• Commonwealth Financial Services LLC has taken a new position in Robinhood Markets, acquiring 6,260 shares valued at approximately $586,000.
• Several institutional investors, including Vanguard Group and Kingstone Capital Partners, have significantly increased their holdings in Robinhood, with 93.27% of the stock owned by institutional investors.
• Robinhood reported a net revenue of $989 million for the last quarter, surpassing analysts' expectations, and the company has received positive rating upgrades from multiple analysts.

Commonwealth Financial Services LLC acquired a new stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 6,260 shares of the company's stock, valued at approximately $586,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Robinhood Markets by 8.6% during the 1st quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company's stock valued at $3,089,914,000 after purchasing an additional 5,874,701 shares during the period. Kingstone Capital Partners Texas LLC bought a new stake in shares of Robinhood Markets during the 2nd quarter valued at $951,479,000. AGF Management Ltd. raised its position in shares of Robinhood Markets by 286.0% during the 1st 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. Charles Schwab Investment Management Inc. raised its position in shares of Robinhood Markets by 2.8% during 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 purchasing an additional 131,620 shares during the period. Finally, Northern Trust Corp increased its holdings in Robinhood Markets by 4.2% in the 1st quarter. Northern Trust Corp now owns 4,061,398 shares of the company's stock valued at $169,035,000 after acquiring an additional 163,823 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Baiju Bhatt sold 1,568,421 shares of Robinhood Markets stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $99.98, for a total transaction of $156,810,731.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of Robinhood Markets stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $99.97, for a total transaction of $22,493,250.00. Following the transaction, the insider directly owned 591,887 shares of the company's stock, valued at approximately $59,170,943.39. This represents a 27.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681,122 shares of company stock valued at $618,215,681 in the last quarter. 14.47% of the stock is currently owned by company insiders.

Robinhood Markets Stock Down 8.9%

Shares of NASDAQ:HOOD opened at $138.96 on Friday. Robinhood Markets, Inc. has a 52 week low of $23.00 and a 52 week high of $153.86. The stock has a market capitalization of $123.49 billion, a P/E ratio of 70.54, a PEG ratio of 3.86 and a beta of 2.42. The firm has a fifty day simple moving average of $118.70 and a two-hundred day simple moving average of $86.09.

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Robinhood Markets from $89.00 to $106.00 and gave the company a "market perform" rating in a report on Thursday, July 31st. Barclays lifted their price target on shares of Robinhood Markets from $102.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Citigroup lifted their price target on shares of Robinhood Markets from $120.00 to $135.00 and gave the company a "neutral" rating in a report on Tuesday, September 23rd. Mizuho lifted their price target on shares of Robinhood Markets from $120.00 to $145.00 and gave the company an "outperform" rating in a report on Wednesday, September 10th. Finally, The Goldman Sachs Group lifted their price target on shares of Robinhood Markets from $134.00 to $152.00 and gave the company a "buy" rating in a report on Tuesday, September 30th. Twelve investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Robinhood Markets presently has an average rating of "Moderate Buy" and an average price target of $118.94.

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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