Interchange Capital Partners LLC Decreases Holdings in Robinhood Markets, Inc. $HOOD

Key Points

• Interchange Capital Partners LLC reduced its holdings in Robinhood Markets by 90%, owning only 1,215 shares valued at $114,000 after selling 10,890 shares in the second quarter.
• CEO Vladimir Tenev sold 750,000 shares of Robinhood stock for over $104 million, while insiders collectively sold about 5.18 million shares worth approximately $567 million over the last quarter.
• Analysts recently raised their price targets for Robinhood, with Morgan Stanley increasing it from $110 to $146 and Bank of America from $139 to $157, implying positive sentiment around the stock's potential performance.

Interchange Capital Partners LLC trimmed its holdings in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 90.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,215 shares of the company's stock after selling 10,890 shares during the period. Interchange Capital Partners LLC's holdings in Robinhood Markets were worth $114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. True Vision MN LLC lifted its holdings in shares of Robinhood Markets by 1.7% in the 2nd quarter. True Vision MN LLC now owns 6,858 shares of the company's stock valued at $642,000 after purchasing an additional 116 shares during the last quarter. Hemington Wealth Management lifted its holdings in shares of Robinhood Markets by 22.5% in the 2nd quarter. Hemington Wealth Management now owns 779 shares of the company's stock valued at $72,000 after purchasing an additional 143 shares during the last quarter. Ballentine Partners LLC lifted its holdings in shares of Robinhood Markets by 2.3% in the 2nd quarter. Ballentine Partners LLC now owns 6,624 shares of the company's stock valued at $620,000 after purchasing an additional 148 shares during the last quarter. REAP Financial Group LLC lifted its holdings in shares of Robinhood Markets by 44.1% in the 2nd quarter. REAP Financial Group LLC now owns 523 shares of the company's stock valued at $49,000 after purchasing an additional 160 shares during the last quarter. Finally, Cigna Investments Inc. New lifted its holdings in shares of Robinhood Markets by 2.7% in the 1st quarter. Cigna Investments Inc. New now owns 6,730 shares of the company's stock valued at $280,000 after purchasing an additional 174 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Robinhood Markets

In other Robinhood Markets news, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $139.73, for a total transaction of $104,797,500.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Baiju Bhatt sold 1,568,421 shares of the stock in a transaction 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,181,462 shares of company stock worth $567,328,871. Company insiders own 19.95% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Morgan Stanley boosted 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. Cantor Fitzgerald boosted their price target on Robinhood Markets from $100.00 to $118.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Citizens Jmp boosted their price target on Robinhood Markets from $130.00 to $170.00 and gave the company a "mkt outperform" rating in a research report on Thursday, October 9th. Mizuho boosted their price target on Robinhood Markets from $120.00 to $145.00 and gave the company an "outperform" rating in a research report on Wednesday, September 10th. Finally, Bank of America boosted their price target on Robinhood Markets from $139.00 to $157.00 and gave the company a "buy" rating in a research report on Thursday, October 2nd. Twelve equities research 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. Based on data from MarketBeat, Robinhood Markets has an average rating of "Moderate Buy" and an average price target of $118.94.

Robinhood Markets Price Performance

Shares of NASDAQ:HOOD opened at $134.95 on Wednesday. The business's 50 day simple moving average is $119.98 and its 200-day simple moving average is $87.41. The firm has a market capitalization of $119.93 billion, a price-to-earnings ratio of 68.50, a price-to-earnings-growth ratio of 3.79 and a beta of 2.42. Robinhood Markets, Inc. has a 12 month low of $23.00 and a 12 month high of $153.86.

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, topping the consensus estimate of $0.30 by $0.12. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%.The business had revenue of $989.00 million for the quarter, compared to analyst estimates of $893.93 million. During the same quarter in the previous year, the company earned $0.21 EPS. The company's quarterly revenue was up 45.0% on a year-over-year basis. On average, equities analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share 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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