Robinhood Markets, Inc. $HOOD Position Boosted by Firsthand Capital Management Inc.

Key Points

• Firsthand Capital Management Inc. has significantly increased its stake in Robinhood Markets by purchasing 10,000 additional shares, bringing its total holdings to 11,000 shares, valued at approximately $458,000.
• Robinhood's stock closed at $104.03 with a market capitalization of $92.45 billion, and reported strong earnings with a 45% year-over-year revenue increase and earnings per share (EPS) of $0.42.
• A notable insider transaction occurred as Director Baiju Bhatt sold 418,338 shares for about $45.76 million, highlighting significant insider selling amid rising stock valuations.

Firsthand Capital Management Inc. increased its holdings in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 1,000.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,000 shares of the company's stock after purchasing an additional 10,000 shares during the quarter. Robinhood Markets accounts for about 1.1% of Firsthand Capital Management Inc.'s investment portfolio, making the stock its 21st largest holding. Firsthand Capital Management Inc.'s holdings in Robinhood Markets were worth $458,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Robinhood Markets by 8.6% during the 1st quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company's stock worth $3,089,914,000 after purchasing an additional 5,874,701 shares in the last quarter. Newlands Management Operations LLC grew its position in Robinhood Markets by 1.1% in the fourth quarter. Newlands Management Operations LLC now owns 24,158,860 shares of the company's stock valued at $900,159,000 after acquiring an additional 273,860 shares in the last quarter. Two Sigma Advisers LP grew its position in Robinhood Markets by 0.5% in the fourth quarter. Two Sigma Advisers LP now owns 10,699,600 shares of the company's stock valued at $398,667,000 after acquiring an additional 52,700 shares in the last quarter. AGF Management Ltd. grew its position in Robinhood Markets by 286.0% in the first quarter. AGF Management Ltd. now owns 5,743,715 shares of the company's stock valued at $239,053,000 after acquiring an additional 4,255,862 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Robinhood Markets by 2.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,851,352 shares of the company's stock valued at $201,913,000 after acquiring an additional 131,620 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company's stock.

Robinhood Markets Price Performance

Shares of NASDAQ HOOD traded down $0.02 during midday trading on Wednesday, reaching $100.82. 23,758,326 shares of the company traded hands, compared to its average volume of 41,270,875. The company has a market cap of $89.60 billion, a price-to-earnings ratio of 51.18, a PEG ratio of 3.81 and a beta of 2.36. The stock has a 50-day moving average price of $102.62 and a 200 day moving average price of $70.48. 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 posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.12. The business had revenue of $989.00 million during the quarter, compared to the consensus estimate of $893.93 million. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.48%. The company's quarterly revenue was up 45.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.21 earnings per share. As a group, analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Insider Transactions at Robinhood Markets

In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $104.23, for a total value of $2,605,750.00. Following the sale, the insider directly owned 566,887 shares in the company, valued at approximately $59,086,632.01. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Baiju Bhatt sold 418,338 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $109.39, for a total transaction of $45,761,993.82. The disclosure for this sale can be found here. Insiders sold 5,688,606 shares of company stock valued at $561,670,429 in the last quarter. 19.95% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently commented on HOOD. Needham & Company LLC increased their target price on Robinhood Markets from $71.00 to $120.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. The Goldman Sachs Group raised their price objective on Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Compass Point raised their price objective on Robinhood Markets from $64.00 to $96.00 and gave the stock a "buy" rating in a research note on Friday, June 27th. Deutsche Bank Aktiengesellschaft raised their price objective on Robinhood Markets from $70.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Finally, Piper Sandler raised their price objective on Robinhood Markets from $110.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Eleven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $100.31.

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.