Highland Capital Management LLC Purchases Shares of 2,684 Robinhood Markets, Inc. $HOOD

Key Points

• Highland Capital Management LLC purchased 2,684 shares of Robinhood Markets, Inc. for approximately $251,000, indicating growing interest from institutional investors.
• Robinhood reported earnings of $0.42 per share for the last quarter, which beat analysts' expectations and reflected a 45% year-over-year revenue growth.
• Several research firms have raised their price targets for Robinhood, with Morgan Stanley increasing its target from $110 to $146, indicating optimistic outlooks from analysts.

Highland Capital Management LLC acquired a new position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 2,684 shares of the company's stock, valued at approximately $251,000.

Several other hedge funds have also recently made changes to their positions in HOOD. Ballentine Partners LLC lifted its stake in Robinhood Markets by 2.3% in the second quarter. Ballentine Partners LLC now owns 6,624 shares of the company's stock worth $620,000 after acquiring an additional 148 shares during the period. Cigna Investments Inc. New increased its position in shares of Robinhood Markets by 2.7% during the first quarter. Cigna Investments Inc. New now owns 6,730 shares of the company's stock valued at $280,000 after buying an additional 174 shares during the period. Hemington Wealth Management raised its stake in Robinhood Markets by 52.2% in the first quarter. Hemington Wealth Management now owns 636 shares of the company's stock worth $26,000 after buying an additional 218 shares in the last quarter. Farther Finance Advisors LLC boosted its position in Robinhood Markets by 4.0% during the 1st quarter. Farther Finance Advisors LLC now owns 6,890 shares of the company's stock valued at $290,000 after acquiring an additional 265 shares in the last quarter. Finally, Allworth Financial LP grew its holdings in shares of Robinhood Markets by 23.4% during the 1st quarter. Allworth Financial LP now owns 1,401 shares of the company's stock worth $58,000 after acquiring an additional 266 shares during the period. 93.27% of the stock is owned by hedge funds and other institutional investors.

Robinhood Markets Trading Up 2.0%

Shares of HOOD stock opened at $148.67 on Monday. Robinhood Markets, Inc. has a 12 month low of $22.61 and a 12 month high of $150.21. The stock has a market cap of $132.12 billion, a P/E ratio of 75.47, a P/E/G ratio of 4.13 and a beta of 2.42. The company has a 50 day simple moving average of $114.45 and a two-hundred day simple moving average of $82.87.

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 analysts' consensus estimates of $0.30 by $0.12. The firm 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 revenue for the quarter was up 45.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.21 EPS. As a group, equities analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, 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 value of $49,957,923.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Jeffrey Tsvi Pinner sold 5,864 shares of Robinhood Markets stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $124.13, for a total transaction of $727,898.32. Following the transaction, the chief technology officer directly owned 17,816 shares in the company, valued at $2,211,500.08. This represents a 24.76% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,650,598 shares of company stock valued at $613,676,575. 19.95% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on HOOD. Morgan Stanley lifted their price target on Robinhood Markets from $110.00 to $146.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 1st. Citigroup boosted their target price on shares of Robinhood Markets from $120.00 to $135.00 and gave the company a "neutral" rating in a report on Tuesday, September 23rd. Needham & Company LLC upped their target price on shares of Robinhood Markets from $120.00 to $145.00 and gave the stock a "buy" rating in a research report on Tuesday, September 30th. Redburn Atlantic reissued a "sell" rating and set a $48.00 price target (up from $40.00) on shares of Robinhood Markets in a research report on Monday, June 9th. Finally, Mizuho boosted their price objective on shares of Robinhood Markets from $120.00 to $145.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 10th. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Robinhood Markets presently has a consensus rating of "Moderate Buy" and a consensus target price of $113.59.

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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