Empirical Financial Services LLC d.b.a. Empirical Wealth Management Makes New Investment in Robinhood Markets, Inc. $HOOD

Key Points

• Empirical Wealth Management has purchased a new stake in Robinhood Markets, acquiring 3,259 shares valued at approximately $305,000.
• A significant portion of Robinhood's stock, 93.27%, is owned by institutional investors, with several firms increasing their positions in the company recently.
• Robinhood Markets reported a 45.0% year-over-year revenue growth, attaining a quarterly revenue of $989 million and beating analyst estimates.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,259 shares of the company's stock, valued at approximately $305,000.

A number of other institutional investors have also made changes to their positions in the business. HighTower Advisors LLC increased its position in Robinhood Markets by 6.4% in the 1st quarter. HighTower Advisors LLC now owns 50,264 shares of the company's stock valued at $2,092,000 after acquiring an additional 3,032 shares in the last quarter. TD Private Client Wealth LLC lifted its position in shares of Robinhood Markets by 184.4% during the first quarter. TD Private Client Wealth LLC now owns 1,829 shares of the company's stock worth $76,000 after purchasing an additional 1,186 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Robinhood Markets by 3.1% during the first quarter. Wellington Management Group LLP now owns 16,261 shares of the company's stock worth $677,000 after purchasing an additional 486 shares in the last quarter. Caitong International Asset Management Co. Ltd grew 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 purchasing an additional 10,703 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC acquired a new stake in shares of Robinhood Markets in the first quarter valued at approximately $277,000. 93.27% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the company's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $124.13, for a total value of $727,898.32. Following the completion of the sale, the chief technology officer owned 17,816 shares in the company, valued at $2,211,500.08. This represents a 24.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Baiju Bhatt sold 418,338 shares of Robinhood Markets stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $119.42, for a total value of $49,957,923.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,650,598 shares of company stock valued at $613,676,575. 19.95% of the stock is owned by company insiders.

Robinhood Markets Trading Down 3.0%

NASDAQ:HOOD opened at $144.26 on Tuesday. Robinhood Markets, Inc. has a 1-year low of $22.72 and a 1-year high of $153.86. The firm has a market capitalization of $128.20 billion, a price-to-earnings ratio of 73.23, a PEG ratio of 4.13 and a beta of 2.42. The business's 50-day moving average price is $115.20 and its two-hundred day moving average price is $83.57.

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Piper Sandler reaffirmed an "overweight" rating and set a $140.00 price objective (up previously from $120.00) on shares of Robinhood Markets in a report on Tuesday, September 23rd. Cantor Fitzgerald boosted their target price on Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. KeyCorp raised their price target on Robinhood Markets from $60.00 to $110.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Citigroup lifted their price objective on Robinhood Markets from $120.00 to $135.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 23rd. Finally, Needham & Company LLC boosted their price objective on Robinhood Markets from $120.00 to $145.00 and gave the stock a "buy" rating in a report on Tuesday, September 30th. Twelve equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $113.59.

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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