Fifth Third Bancorp Grows Holdings in Robinhood Markets, Inc. $HOOD

Key Points

• Fifth Third Bancorp significantly increased its holdings in Robinhood Markets, with a 4,410.9% rise, now owning nearly 15,700 shares worth approximately $1.47 million.
• Major institutional investors such as Vanguard Group and AGF Management have also expanded their positions in Robinhood, highlighting strong institutional interest with over 93% of the stock owned by such investors.
• Recent analyst upgrades have improved price targets for Robinhood, with Goldman Sachs setting a new target of $104.00, while the stock has a consensus rating of "Moderate Buy".

Fifth Third Bancorp raised its position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 4,410.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,698 shares of the company's stock after purchasing an additional 15,350 shares during the period. Fifth Third Bancorp's holdings in Robinhood Markets were worth $1,470,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HOOD. Kingstone Capital Partners Texas LLC purchased a new position in Robinhood Markets in the 2nd quarter valued at about $951,479,000. Vanguard Group Inc. lifted its holdings in Robinhood Markets by 8.6% in the 1st quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company's stock valued at $3,089,914,000 after purchasing an additional 5,874,701 shares in the last quarter. AGF Management Ltd. lifted its holdings in shares of Robinhood Markets by 286.0% during the 1st quarter. AGF Management Ltd. now owns 5,743,715 shares of the company's stock worth $239,053,000 after acquiring an additional 4,255,862 shares during the period. Wealthquest Corp purchased a new position in shares of Robinhood Markets during the 1st quarter worth about $156,193,000. Finally, Altimeter Capital Management LP purchased a new position in shares of Robinhood Markets during the 1st quarter worth about $120,103,000. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

HOOD has been the topic of several recent analyst reports. The Goldman Sachs Group increased their price objective on shares of Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a report on Monday, July 7th. JMP Securities increased their price objective on shares of Robinhood Markets from $125.00 to $130.00 and gave the stock a "market outperform" rating in a report on Thursday, July 31st. Redburn Atlantic reiterated a "sell" rating and set a $48.00 price objective (up from $40.00) on shares of Robinhood Markets in a report on Monday, June 9th. Piper Sandler reiterated an "overweight" rating and set a $140.00 price objective (up from $120.00) on shares of Robinhood Markets in a report on Tuesday, September 23rd. Finally, Cantor Fitzgerald increased their price objective on shares of Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Eleven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $104.06.

Robinhood Markets Stock Performance

HOOD opened at $121.78 on Friday. The firm has a 50 day moving average price of $110.49 and a 200 day moving average price of $79.04. The company has a market cap of $108.22 billion, a PE ratio of 61.82, a price-to-earnings-growth ratio of 4.34 and a beta of 2.36. Robinhood Markets, Inc. has a 1 year low of $22.05 and a 1 year high of $130.07.

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 (EPS) for the quarter, beating 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 company had revenue of $989.00 million during the quarter, compared to the consensus estimate of $893.93 million. During the same quarter last 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. On average, sell-side analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insider Buying and Selling

In other Robinhood Markets news, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the stock in a transaction that occurred 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 of the company's stock, valued at $2,211,500.08. This trade represents a 24.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Baiju Bhatt sold 418,338 shares of the stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $119.42, for a total transaction of $49,957,923.96. The disclosure for this sale can be found here. Insiders have sold 5,681,462 shares of company stock valued at $581,726,917 over the last three months. Company insiders own 14.47% of the company's stock.

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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