Covenant Asset Management LLC Has $8.45 Million Holdings in Robinhood Markets, Inc. $HOOD

Key Points

• Covenant Asset Management LLC increased its holdings in Robinhood Markets by 2.7%, owning 90,201 shares valued at approximately $8.45 million, which constitutes 1.2% of its investment portfolio.
• Institutional investors collectively own 93.27% of Robinhood's stock, with multiple hedge funds, including HighTower Advisors and TD Private Client Wealth, recently increasing their stakes significantly.
• Recent analyst reports have set optimistic price targets for Robinhood, with Barclays raising its target to $120 and Mizuho increasing theirs to $145, while the average price target is $104.06.

Covenant Asset Management LLC boosted its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 2.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 90,201 shares of the company's stock after buying an additional 2,398 shares during the period. Robinhood Markets makes up approximately 1.2% of Covenant Asset Management LLC's investment portfolio, making the stock its 15th largest position. Covenant Asset Management LLC's holdings in Robinhood Markets were worth $8,446,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of HOOD. HighTower Advisors LLC lifted its holdings in shares of Robinhood Markets by 6.4% during the 1st quarter. HighTower Advisors LLC now owns 50,264 shares of the company's stock worth $2,092,000 after acquiring an additional 3,032 shares during the period. TD Private Client Wealth LLC raised its position in Robinhood Markets by 184.4% during the first quarter. TD Private Client Wealth LLC now owns 1,829 shares of the company's stock valued at $76,000 after purchasing an additional 1,186 shares in the last quarter. Wellington Management Group LLP lifted its stake in Robinhood Markets by 3.1% during the first quarter. Wellington Management Group LLP now owns 16,261 shares of the company's stock worth $677,000 after purchasing an additional 486 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Robinhood Markets by 125.9% during the first quarter. Caitong International Asset Management Co. Ltd now owns 19,201 shares of the company's stock worth $799,000 after purchasing an additional 10,703 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC acquired a new stake in shares of Robinhood Markets in the 1st quarter valued at $277,000. 93.27% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $100.92, for a total value of $2,523,000.00. Following the completion of the sale, the insider directly owned 610,949 shares in the company, valued at $61,656,973.08. This represents a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Meyer Malka sold 1,093,288 shares of Robinhood Markets stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $103.87, for a total value of $113,559,824.56. Following the transaction, the director directly owned 3,976,234 shares in the company, valued at $413,011,425.58. The trade was a 21.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681,462 shares of company stock valued at $581,726,917 over the last quarter. 19.95% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on HOOD shares. Barclays boosted their price target on Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft lifted 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. Mizuho boosted their target price on Robinhood Markets from $120.00 to $145.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 10th. Compass Point raised their price target 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. Finally, Redburn Atlantic reaffirmed a "sell" rating and set a $48.00 price target (up from $40.00) on shares of Robinhood Markets in a report on Monday, June 9th. Eleven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Robinhood Markets has an average rating of "Moderate Buy" and a consensus price target of $104.06.

Robinhood Markets Trading Down 0.7%

Shares of HOOD stock opened at $121.78 on Monday. The firm has a market capitalization of $108.22 billion, a price-to-earnings ratio of 61.82, a PEG ratio of 4.34 and a beta of 2.36. The business's 50-day moving average price is $110.49 and its 200-day moving average price is $79.34. Robinhood Markets, Inc. has a 12 month low of $22.05 and a 12 month high of $130.07.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, beating 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 company had revenue of $989.00 million during the quarter, compared to the consensus estimate of $893.93 million. During the same quarter in the prior year, the firm posted $0.21 earnings per share. The firm's revenue was up 45.0% compared to the same quarter last year. On average, sell-side analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Robinhood Markets Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.