Driehaus Capital Management LLC Sells 240,778 Shares of Robinhood Markets, Inc. $HOOD

Key Points

• Driehaus Capital Management LLC reduced its stake in Robinhood Markets by 27.7% in Q1, selling 240,778 shares and owning approximately 0.07% of the company at a value of $26.16 million.
• Vanguard Group Inc. increased its stake by 8.6% during the same period and now holds 74.24 million shares, worth over $3.08 billion.
• Several analysts have raised their target prices for Robinhood Markets' stock, with JMP Securities and Needham & Company LLC setting targets at $130.00 and $120.00, respectively, amidst a generally positive outlook indicated by a consensus rating of "Moderate Buy".

Driehaus Capital Management LLC lowered its stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 27.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 628,490 shares of the company's stock after selling 240,778 shares during the quarter. Driehaus Capital Management LLC owned about 0.07% of Robinhood Markets worth $26,158,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. HighTower Advisors LLC increased its stake in Robinhood Markets by 6.4% in the first quarter. HighTower Advisors LLC now owns 50,264 shares of the company's stock valued at $2,092,000 after purchasing an additional 3,032 shares during the last quarter. TD Private Client Wealth LLC lifted its stake in Robinhood Markets by 184.4% in the 1st quarter. TD Private Client Wealth LLC now owns 1,829 shares of the company's stock valued at $76,000 after buying an additional 1,186 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of 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 valued at $799,000 after acquiring an additional 10,703 shares during the last quarter. Wealthcare Advisory Partners LLC acquired a new position in shares of Robinhood Markets in the first quarter valued at approximately $277,000. Finally, Burns Matteson Capital Management LLC acquired a new stake in Robinhood Markets in the 1st quarter worth about $495,000. Hedge funds and other institutional investors own 93.27% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on HOOD shares. Compass Point increased their price objective on shares of Robinhood Markets from $64.00 to $96.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. The Goldman Sachs Group lifted their target price on Robinhood Markets from $91.00 to $104.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Mizuho raised their price objective on Robinhood Markets from $99.00 to $120.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Robinhood Markets from $70.00 to $85.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Finally, Citigroup upped their price target on Robinhood Markets from $100.00 to $120.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Eleven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $100.31.

Robinhood Markets Stock Performance

Shares of NASDAQ HOOD traded down $2.43 during midday trading on Tuesday, reaching $101.61. 33,571,123 shares of the company's stock were exchanged, compared to its average volume of 41,317,848. The stock has a market capitalization of $90.29 billion, a PE ratio of 51.56, a price-to-earnings-growth ratio of 3.81 and a beta of 2.36. The business's fifty day moving average price is $102.25 and its two-hundred day moving average price is $70.27. Robinhood Markets, Inc. has a 52-week low of $18.71 and a 52-week high of $117.70.

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

Insider Buying and Selling

In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $99.97, for a total value of $22,493,250.00. Following the completion of the transaction, the insider directly owned 591,887 shares in the company, valued at approximately $59,170,943.39. This trade represents a 27.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven M. Quirk sold 92,257 shares of Robinhood Markets stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $84.96, for a total transaction of $7,838,154.72. Following the completion of the sale, the insider directly owned 136,364 shares of the company's stock, valued at approximately $11,585,485.44. The trade was a 40.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,688,606 shares of company stock valued at $561,670,429 in the last ninety days. Insiders own 19.95% 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.