Drive Wealth Management LLC Invests $655,000 in Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Drive Wealth Management LLC has acquired a new stake in Robinhood Markets, purchasing 15,733 shares valued at approximately $655,000 in the first quarter.
• Numerous institutional investors, including TD Private Client Wealth LLC and Fiduciary Alliance LLC, have significantly increased their holdings in Robinhood, leading to 93.27% of the stock being owned by hedge funds and other institutional investors.
• Analysts have upgraded their price targets for Robinhood, with several firms setting targets between $100 and $110 per share, indicating a consensus rating of "Moderate Buy" with a target price of $85.29.

Drive Wealth Management LLC bought a new position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 15,733 shares of the company's stock, valued at approximately $655,000.

Several other large investors have also recently added to or reduced their stakes in the stock. MetLife Investment Management LLC increased its position in Robinhood Markets by 1.5% in the fourth quarter. MetLife Investment Management LLC now owns 11,806 shares of the company's stock worth $440,000 after buying an additional 171 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Robinhood Markets by 4.0% during the first 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 period. Allworth Financial LP increased its holdings in shares of Robinhood Markets by 23.4% during the first 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 period. HighPoint Advisor Group LLC increased its holdings in shares of Robinhood Markets by 0.8% during the first quarter. HighPoint Advisor Group LLC now owns 36,510 shares of the company's stock valued at $1,520,000 after purchasing an additional 272 shares during the period. Finally, U.S. Capital Wealth Advisors LLC increased its holdings in shares of Robinhood Markets by 1.1% during the first 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 period. 93.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on HOOD shares. Compass Point raised their price target on Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a report on Friday, June 27th. Piper Sandler raised their price target on Robinhood Markets from $70.00 to $110.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Deutsche Bank Aktiengesellschaft raised their price target on Robinhood Markets from $70.00 to $85.00 and gave the company a "buy" rating in a report on Monday, June 9th. Cantor Fitzgerald raised their target price on Robinhood Markets from $89.00 to $100.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $71.00 target price on shares of Robinhood Markets in a research note on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Robinhood Markets currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.29.

Robinhood Markets Price Performance

Robinhood Markets stock traded up $2.92 during mid-day trading on Friday, hitting $104.85. The company's stock had a trading volume of 35,546,767 shares, compared to its average volume of 55,217,080. Robinhood Markets, Inc. has a 52-week low of $13.98 and a 52-week high of $113.44. The firm's 50 day moving average is $82.95 and its 200 day moving average is $59.71. The company has a market cap of $92.84 billion, a PE ratio of 59.57, a price-to-earnings-growth ratio of 5.20 and a beta of 2.36.

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

Insider Activity at Robinhood Markets

In related news, Director Baiju Bhatt sold 418,338 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $74.29, for a total value of $31,078,330.02. Following the transaction, the director directly owned 7,863 shares of the company's stock, valued at approximately $584,142.27. This trade represents a 98.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven M. Quirk sold 104,887 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $70.14, for a total value of $7,356,774.18. Following the completion of the sale, the insider directly owned 228,621 shares in the company, valued at $16,035,476.94. This trade represents a 31.45% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,696,644 shares of company stock valued at $218,696,575. 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.