Corton Capital Inc. Buys Shares of 39,600 Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Corton Capital Inc. acquired 39,600 shares of Robinhood Markets, valued at approximately $1.65 million, making it the largest position in their portfolio.
• Several analysts have upgraded their price targets for Robinhood, with Piper Sandler increasing their target from $70 to $110, reflecting positive sentiment towards the stock.
• Insider transactions included CEO Vladimir Tenev selling 750,000 shares for about $70 million, while insiders have sold a total of nearly $219 million in shares over the past 90 days.

Corton Capital Inc. bought a new stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 39,600 shares of the company's stock, valued at approximately $1,648,000. Robinhood Markets accounts for 5.4% of Corton Capital Inc.'s holdings, making the stock its largest position.

Other institutional investors also recently modified their holdings of the company. FMR LLC lifted its stake in shares of Robinhood Markets by 184.8% in the 4th quarter. FMR LLC now owns 40,237,478 shares of the company's stock valued at $1,499,248,000 after purchasing an additional 26,107,934 shares during the last quarter. Norges Bank acquired a new stake in shares of Robinhood Markets in the 4th quarter valued at $329,598,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Robinhood Markets by 335.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,185,225 shares of the company's stock valued at $193,202,000 after purchasing an additional 3,994,745 shares during the last quarter. Wealthquest Corp acquired a new stake in shares of Robinhood Markets in the 1st quarter valued at $156,193,000. Finally, AQR Capital Management LLC lifted its stake in shares of Robinhood Markets by 231.9% in the 4th quarter. AQR Capital Management LLC now owns 5,257,840 shares of the company's stock valued at $195,907,000 after purchasing an additional 3,673,861 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company's stock.

Analysts Set New Price Targets

HOOD has been the subject of several analyst reports. Piper Sandler lifted their price objective on shares of Robinhood Markets from $70.00 to $110.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Mizuho lifted their price objective on shares of Robinhood Markets from $80.00 to $99.00 and gave the company an "outperform" rating in a research note on Tuesday, July 1st. Cantor Fitzgerald lifted their price objective on shares of Robinhood Markets from $89.00 to $100.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. The Goldman Sachs Group lifted their target price on shares of Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Finally, Citigroup lifted their target price on shares of Robinhood Markets from $50.00 to $100.00 and gave the stock a "neutral" rating in a report on Monday, July 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $85.29.

Insider Transactions at Robinhood Markets

In related news, CEO Vladimir Tenev sold 750,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $93.27, for a total value of $69,952,500.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Steven M. Quirk sold 104,887 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $70.14, for a total transaction of $7,356,774.18. Following the completion of the sale, the insider directly owned 228,621 shares in the company, valued at approximately $16,035,476.94. The trade was a 31.45% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,696,644 shares of company stock worth $218,696,575. 14.47% of the stock is currently owned by company insiders.

Robinhood Markets Stock Performance

NASDAQ:HOOD opened at $104.85 on Friday. The firm's 50-day moving average is $82.95 and its 200-day moving average is $59.84. Robinhood Markets, Inc. has a 52-week low of $13.98 and a 52-week high of $113.44. The company has a market cap of $92.84 billion, a price-to-earnings ratio of 59.57, a PEG ratio of 5.35 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.04). Robinhood Markets had a return on equity of 15.42% and a net margin of 48.77%. The company had revenue of $927.00 million for the quarter, compared to the consensus estimate of $917.12 million. During the same quarter in the previous year, the firm posted $0.18 EPS. The business's revenue for the quarter was up 50.0% compared to the same quarter last year. Equities analysts predict that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

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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