Cookson Peirce & Co. Inc. Reduces Stock Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Cookson Peirce & Co. Inc. has reduced its stake in Robinhood Markets by 31.0%, holding 77,363 shares valued at approximately $3.22 million after selling 34,755 shares in the first quarter.
• Analysts have raised their price targets for Robinhood, with Mizuho increasing it from $99.00 to $120.00, while the current consensus target price is $100.31 with many analysts issuing a "Moderate Buy" rating.
• Insiders, including CEO Vladimir Tenev, have sold significant amounts of stock recently, with total insider sales reaching $430 million in the last quarter.

Cookson Peirce & Co. Inc. trimmed its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 31.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 77,363 shares of the company's stock after selling 34,755 shares during the period. Cookson Peirce & Co. Inc.'s holdings in Robinhood Markets were worth $3,220,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC boosted its stake in shares of Robinhood Markets by 852.8% during the first quarter. Lord Abbett & CO. LLC now owns 1,596,117 shares of the company's stock valued at $66,430,000 after purchasing an additional 1,428,591 shares during the period. Tokio Marine Asset Management Co. Ltd. bought a new stake in Robinhood Markets during the 1st quarter valued at about $886,000. Caitong International Asset Management Co. Ltd lifted its holdings in Robinhood Markets by 125.9% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 19,201 shares of the company's stock valued at $799,000 after buying an additional 10,703 shares in the last quarter. National Pension Service purchased a new stake in Robinhood Markets in the 1st quarter valued at about $35,349,000. Finally, Prudential PLC grew its stake in Robinhood Markets by 301.9% in the 1st quarter. Prudential PLC now owns 41,696 shares of the company's stock worth $1,735,000 after acquiring an additional 31,320 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Citigroup lifted their price target on shares of Robinhood Markets from $100.00 to $120.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Cantor Fitzgerald lifted their target price on Robinhood Markets from $100.00 to $118.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. JMP Securities upped their target price on Robinhood Markets from $125.00 to $130.00 and gave the stock a "market outperform" rating in a report on Thursday, July 31st. Compass Point raised their price target on Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a research note on Friday, June 27th. Finally, Mizuho raised their price target on Robinhood Markets from $99.00 to $120.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $100.31.

Robinhood Markets Stock Up 3.1%

Shares of Robinhood Markets stock traded up $3.46 on Friday, reaching $114.17. The stock had a trading volume of 32,125,017 shares, compared to its average volume of 42,715,608. The stock has a market capitalization of $101.46 billion, a P/E ratio of 57.95, a P/E/G ratio of 4.22 and a beta of 2.36. The company has a 50 day moving average price of $95.36 and a 200 day moving average price of $66.15. Robinhood Markets, Inc. has a 1 year low of $18.71 and a 1 year high of $117.70.

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

Insider Activity

In other news, Director Baiju Bhatt sold 10,518 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $100.10, for a total transaction of $1,052,851.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven M. Quirk sold 40,131 shares of the stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $104.71, for a total value of $4,202,117.01. Following the sale, the insider owned 120,408 shares of the company's stock, valued at approximately $12,607,921.68. This represents a 25.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,644,685 shares of company stock worth $430,085,957. Company 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.