Covestor Ltd Sells 11,064 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Covestor Ltd has reduced its holdings in Robinhood Markets by 81.5%, selling 11,064 shares and ending with a total of 2,511 shares valued at $104,000.
• Several institutional investors have significantly increased their stakes in Robinhood, with TD Private Client Wealth LLC boosting theirs by 184.4% to own 1,829 shares.
• Despite insider selling, Wall Street analysts maintain a positive outlook with a consensus average rating of "Moderate Buy" and a projected price target of $96.29.

Covestor Ltd cut its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 81.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,511 shares of the company's stock after selling 11,064 shares during the period. Covestor Ltd's holdings in Robinhood Markets were worth $104,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in HOOD. TD Private Client Wealth LLC increased its stake 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 acquiring an additional 1,186 shares during the period. Wealthcare Advisory Partners LLC bought a new position in Robinhood Markets during the first quarter valued at about $277,000. Burns Matteson Capital Management LLC bought a new position in Robinhood Markets during the first quarter valued at about $495,000. Fiduciary Alliance LLC bought a new position in Robinhood Markets during the first quarter valued at about $2,177,000. Finally, Invesco Ltd. increased its stake in Robinhood Markets by 132.6% during the fourth quarter. Invesco Ltd. now owns 2,867,595 shares of the company's stock valued at $106,847,000 after acquiring an additional 1,634,599 shares during the period. 93.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

HOOD has been the topic of several research reports. JPMorgan Chase & Co. boosted their price target on Robinhood Markets from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Barclays lifted their price objective on Robinhood Markets from $102.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Needham & Company LLC lifted their price objective on Robinhood Markets from $71.00 to $120.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Compass Point lifted their price objective on Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a report on Friday, June 27th. Finally, The Goldman Sachs Group lifted their price objective on Robinhood Markets from $91.00 to $104.00 and gave the company a "buy" rating in a report on Monday, July 7th. 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 company. Based on data from MarketBeat, Robinhood Markets currently has an average rating of "Moderate Buy" and an average price target of $96.29.

Insider Activity at Robinhood Markets

In other Robinhood Markets news, Director Baiju Bhatt sold 10,518 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $100.10, for a total transaction of $1,052,851.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Vladimir Tenev sold 385,485 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $101.90, for a total transaction of $39,280,921.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,644,685 shares of company stock worth $430,085,957. 19.95% of the stock is owned by company insiders.

Robinhood Markets Price Performance

HOOD stock opened at $113.62 on Tuesday. The company has a 50 day moving average price of $92.24 and a 200 day moving average price of $64.62. Robinhood Markets, Inc. has a fifty-two week low of $18.11 and a fifty-two week high of $117.47. The stock has a market capitalization of $100.97 billion, a PE ratio of 57.68, a price-to-earnings-growth ratio of 4.37 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.12. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.48%. The firm had revenue of $989.00 million during the quarter, compared to analysts' expectations of $893.93 million. During the same quarter in the previous year, the company posted $0.21 EPS. Robinhood Markets's revenue was up 45.0% on a year-over-year basis. As a group, equities analysts expect 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.

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