Harbour Investments Inc. Purchases 21,548 Shares of Robinhood Markets, Inc. $HOOD

Key Points

• Harbour Investments Inc. has increased its stake in Robinhood Markets by 96.8%, acquiring an additional 21,548 shares, bringing its total holdings to 43,805 shares valued at approximately $4.1 million.
• Several institutional investors, including Vanguard Group Inc. and AGF Management Ltd., have also raised their positions in Robinhood, indicating growing confidence in the company.
• Robinhood's stock recently saw price target increases from various analysts, with targets now ranging from $96.00 to $170.00, reflecting a positive outlook despite shares trading down 0.6% on the market.

Harbour Investments Inc. grew its position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 96.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 43,805 shares of the company's stock after buying an additional 21,548 shares during the period. Harbour Investments Inc.'s holdings in Robinhood Markets were worth $4,101,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Robinhood Markets by 8.6% during the first quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company's stock valued at $3,089,914,000 after acquiring an additional 5,874,701 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Robinhood Markets during the 2nd quarter valued at $951,479,000. AGF Management Ltd. boosted its position in shares of Robinhood Markets by 286.0% in the 1st quarter. AGF Management Ltd. now owns 5,743,715 shares of the company's stock worth $239,053,000 after purchasing an additional 4,255,862 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Robinhood Markets by 2.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,851,352 shares of the company's stock worth $201,913,000 after buying an additional 131,620 shares during the last quarter. Finally, Northern Trust Corp increased its position in Robinhood Markets by 4.2% during the 1st quarter. Northern Trust Corp now owns 4,061,398 shares of the company's stock valued at $169,035,000 after buying an additional 163,823 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Analysts Set New Price Targets

HOOD has been the subject of a number of research analyst reports. JMP Securities increased their price target on Robinhood Markets from $130.00 to $170.00 and gave the company a "market outperform" rating in a research note on Thursday, October 9th. Mizuho increased their price objective on shares of Robinhood Markets from $120.00 to $145.00 and gave the company an "outperform" rating in a research report on Wednesday, September 10th. Compass Point boosted their target price 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. Citizens Jmp raised their price target on shares of Robinhood Markets from $130.00 to $170.00 and gave the stock a "mkt outperform" rating in a report on Thursday, October 9th. Finally, Barclays lifted their price objective on shares of Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. 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 company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $118.94.

Insider Buying and Selling

In other Robinhood Markets news, Director Baiju Bhatt sold 1,568,421 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $99.98, for a total value of $156,810,731.58. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Steven M. Quirk sold 60,113 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $100.91, for a total transaction of $6,066,002.83. Following the sale, the insider directly owned 94,454 shares in the company, valued at $9,531,353.14. The trade was a 38.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,181,462 shares of company stock valued at $567,328,871 in the last three months. 14.47% of the stock is currently owned by company insiders.

Robinhood Markets Trading Down 0.6%

Shares of NASDAQ HOOD opened at $134.15 on Thursday. Robinhood Markets, Inc. has a 12 month low of $23.00 and a 12 month high of $153.86. The company has a 50 day simple moving average of $120.55 and a two-hundred day simple moving average of $87.73. The stock has a market cap of $119.22 billion, a price-to-earnings ratio of 68.10, a PEG ratio of 3.64 and a beta of 2.42.

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

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.

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