Cypress Point Wealth Management LLC Invests $245,000 in Robinhood Markets, Inc. $HOOD

Key Points

• Cypress Point Wealth Management LLC invested $245,000 in Robinhood Markets, acquiring 2,619 shares during the second quarter, as per SEC filings.
• Robinhood Markets saw significant increases in institutional investment, with various firms like Whipplewood Advisors and Hemington Wealth Management ramping up their stakes by over 500% and 52%, respectively.
• Following the latest earnings report, Robinhood reported $0.42 earnings per share, surpassing estimates, and announced revenue of $989 million, which is up 45% from the same quarter last year.

Cypress Point Wealth Management LLC purchased a new stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,619 shares of the company's stock, valued at approximately $245,000.

Other large investors have also made changes to their positions in the company. NorthCrest Asset Manangement LLC acquired a new stake in shares of Robinhood Markets in the second quarter worth $406,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Robinhood Markets by 17.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 105,358 shares of the company's stock valued at $9,946,000 after buying an additional 15,831 shares in the last quarter. Mn Services Vermogensbeheer B.V. grew its holdings in shares of Robinhood Markets by 84.4% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 273,400 shares of the company's stock valued at $25,598,000 after buying an additional 125,100 shares in the last quarter. RFG Holdings Inc. grew its holdings in shares of Robinhood Markets by 175.0% during the second quarter. RFG Holdings Inc. now owns 21,605 shares of the company's stock valued at $2,023,000 after buying an additional 13,749 shares in the last quarter. Finally, Wedmont Private Capital grew its holdings in shares of Robinhood Markets by 102.9% during the second quarter. Wedmont Private Capital now owns 25,206 shares of the company's stock valued at $2,383,000 after buying an additional 12,782 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Barclays raised their price target on shares of Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Mizuho upped their price target on shares of Robinhood Markets from $120.00 to $145.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 10th. Piper Sandler initiated coverage on Robinhood Markets in a research report on Wednesday, September 10th. They set an "overweight" rating and a $120.00 price objective for the company. Redburn Atlantic reaffirmed a "sell" rating and issued a $48.00 target price (up from $40.00) on shares of Robinhood Markets in a research report on Monday, June 9th. Finally, Cantor Fitzgerald raised their price target on Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Eleven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $101.88.

Robinhood Markets Stock Performance

Shares of Robinhood Markets stock traded up $3.87 on Friday, reaching $124.78. The stock had a trading volume of 202,254,907 shares, compared to its average volume of 37,834,256. The business's 50-day moving average price is $107.87 and its two-hundred day moving average price is $75.37. Robinhood Markets, Inc. has a fifty-two week low of $22.05 and a fifty-two week high of $125.18. The stock has a market cap of $110.89 billion, a P/E ratio of 80.61, a price-to-earnings-growth ratio of 4.48 and a beta of 2.36.

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

Insider Activity

In related news, Director Baiju Bhatt sold 1,568,421 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $99.98, for a total transaction of $156,810,731.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $93.27, for a total transaction of $69,952,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,767,855 shares of company stock worth $588,837,174. Corporate insiders own 14.47% of the company's stock.

About Robinhood Markets

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.