Covenant Asset Management LLC Makes New $3.65 Million Investment in Robinhood Markets, Inc. (NASDAQ:HOOD)

Covenant Asset Management LLC acquired a new position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 87,803 shares of the company's stock, valued at approximately $3,654,000.

Several other hedge funds and other institutional investors have also bought and sold shares of HOOD. MetLife Investment Management LLC grew its holdings in shares of Robinhood Markets by 1.5% during the 4th quarter. MetLife Investment Management LLC now owns 11,806 shares of the company's stock valued at $440,000 after purchasing an additional 171 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Robinhood Markets by 4.0% during the 1st quarter. Farther Finance Advisors LLC now owns 6,890 shares of the company's stock valued at $290,000 after purchasing an additional 265 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Robinhood Markets by 23.4% during the 1st quarter. Allworth Financial LP now owns 1,401 shares of the company's stock valued at $58,000 after purchasing an additional 266 shares during the last quarter. U.S. Capital Wealth Advisors LLC grew its holdings in shares of Robinhood Markets by 1.1% during the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 28,850 shares of the company's stock valued at $1,201,000 after purchasing an additional 320 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Robinhood Markets by 28.6% during the 1st quarter. Blue Trust Inc. now owns 1,998 shares of the company's stock valued at $83,000 after purchasing an additional 444 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company's stock.

Robinhood Markets Stock Performance

HOOD stock traded up $4.29 on Friday, reaching $109.74. The company's stock had a trading volume of 73,491,307 shares, compared to its average volume of 31,069,172. The business has a fifty day simple moving average of $78.73 and a two-hundred day simple moving average of $57.69. Robinhood Markets, Inc. has a 12-month low of $13.98 and a 12-month high of $113.44. The firm has a market cap of $97.17 billion, a PE ratio of 62.35, a PEG ratio of 5.60 and a beta of 2.36.

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Citigroup boosted 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. JMP Securities boosted their price target on shares of Robinhood Markets from $70.00 to $125.00 and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Barclays boosted their price target on shares of Robinhood Markets from $57.00 to $102.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Mizuho boosted their price target on shares of Robinhood Markets from $80.00 to $99.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Robinhood Markets from $44.00 to $47.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Robinhood Markets has a consensus rating of "Moderate Buy" and a consensus price target of $85.29.

Insider Transactions at Robinhood Markets

In other news, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $93.27, for a total value of $69,952,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Steven M. Quirk sold 104,887 shares of Robinhood Markets stock in a transaction that occurred on Tuesday, June 3rd. The stock was 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 owned 228,621 shares of the company's stock, valued at $16,035,476.94. This represents a 31.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,749,630 shares of company stock worth $221,118,663. Corporate 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.