Jennison Associates LLC Sells 2,962,334 Shares of Robinhood Markets, Inc. $HOOD

Key Points

• Jennison Associates LLC cut its Robinhood stake by 67.1% in the first quarter, selling 2,962,334 shares and leaving it with 1,449,702 shares worth about $100.5 million.
• Robinhood continues to attract major institutional interest overall, with several large investors adding positions and 93.27% of the stock now held by institutions.
• Analyst sentiment remains constructive despite some recent volatility: Goldman Sachs raised its price target to $137 and reiterated a Buy rating, while Robinhood’s latest earnings missed EPS and revenue expectations even as revenue rose 15.1% year over year.

Jennison Associates LLC lowered its stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 67.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,449,702 shares of the company's stock after selling 2,962,334 shares during the period. Jennison Associates LLC owned approximately 0.16% of Robinhood Markets worth $100,464,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in HOOD. State Street Corp raised its position in Robinhood Markets by 103.2% during the third quarter. State Street Corp now owns 32,246,155 shares of the company's stock valued at $4,617,004,000 after purchasing an additional 16,375,734 shares during the period. Norges Bank purchased a new position in shares of Robinhood Markets in the 4th quarter worth approximately $1,202,160,000. Corient Private Wealth LLC increased its position in shares of Robinhood Markets by 5,221.4% during the 4th quarter. Corient Private Wealth LLC now owns 2,559,848 shares of the company's stock valued at $289,519,000 after purchasing an additional 2,511,743 shares during the last quarter. Morgan Stanley increased its position in shares of Robinhood Markets by 23.9% during the 4th quarter. Morgan Stanley now owns 10,683,776 shares of the company's stock valued at $1,208,335,000 after purchasing an additional 2,061,832 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Robinhood Markets by 48.5% during the 3rd quarter. Northern Trust Corp now owns 6,157,337 shares of the company's stock valued at $881,608,000 after buying an additional 2,011,820 shares during the period. 93.27% of the stock is owned by institutional investors.

Key Headlines Impacting Robinhood Markets

Here are the key news stories impacting Robinhood Markets this week:

• Positive Sentiment: Goldman Sachs raised its price target on Robinhood to $137 from $121 and reiterated a Buy rating ahead of earnings, signaling confidence in the company’s growth potential and implying meaningful upside from current levels. Goldman Sachs raises price target on Robinhood ahead of earnings
• Neutral Sentiment: Robinhood is drawing heavy investor attention online, with Zacks noting that the stock has become a trending name; this reflects interest rather than a direct fundamental catalyst. Robinhood Markets, Inc. (HOOD) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Robinhood recently benefited from a broad market upswing and has continued to trade well above its 50-day and 200-day moving averages, but that momentum has been offset by a more volatile tape in recent sessions. Robinhood Markets, Inc. (HOOD) Beats Stock Market Upswing: What Investors Need to Know
• Negative Sentiment: Brokerage stocks, including Robinhood, were hit by a Nasdaq-100 selloff and a decline in crypto prices, both of which can reduce trading activity and weigh on revenue expectations. Robinhood Drops 4%, Webull Tumbles 6% as NASDAQ 100 Selloff and Crypto Dip Hit Retail-Brokerage Stocks
• Negative Sentiment: Reports that Robinhood is selling $400 million of credit-card asset-backed bonds added to investor caution, likely feeding concerns about financing activity and broader market stress. Why Is Robinhood Stock Falling on Friday?

Robinhood Markets Price Performance

HOOD opened at $99.96 on Monday. The business has a fifty day moving average of $94.26 and a 200 day moving average of $88.89. The stock has a market cap of $90.01 billion, a P/E ratio of 48.29, a PEG ratio of 2.11 and a beta of 2.33. Robinhood Markets, Inc. has a 52-week low of $63.51 and a 52-week high of $153.86.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $0.38 earnings per share for the quarter, missing analysts' consensus estimates of $0.39 by ($0.01). Robinhood Markets had a return on equity of 21.39% and a net margin of 41.12%.The business had revenue of $1.07 billion during the quarter, compared to analysts' expectations of $1.14 billion. During the same quarter in the previous year, the business earned $0.37 EPS. The business's revenue for the quarter was up 15.1% on a year-over-year basis. Equities analysts anticipate that Robinhood Markets, Inc. will post 1.86 EPS for the current fiscal year.

Insider Transactions at Robinhood Markets

In related news, Director Baiju Bhatt sold 67,422 shares of the firm's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $75.38, for a total value of $5,082,270.36. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Meyer Malka acquired 250,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The shares were bought at an average price of $80.74 per share, with a total value of $20,185,000.00. Following the acquisition, the director directly owned 3,924,427 shares in the company, valued at $316,858,235.98. This represents a 6.80% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders purchased 680,000 shares of company stock valued at $55,306,560 and sold 587,875 shares valued at $62,602,915. Company insiders own 13.48% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on HOOD. Zacks Research upgraded Robinhood Markets from a "strong sell" rating to a "hold" rating in a research report on Monday, June 8th. Jefferies Financial Group reduced their target price on shares of Robinhood Markets from $88.00 to $84.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Argus raised their target price on shares of Robinhood Markets from $90.00 to $110.00 and gave the stock a "buy" rating in a report on Wednesday, June 17th. Piper Sandler restated an "overweight" rating on shares of Robinhood Markets in a report on Thursday, July 2nd. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Robinhood Markets from $105.00 to $113.00 and gave the stock a "buy" rating in a research note on Tuesday, June 30th. Twenty-one analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Robinhood Markets has a consensus rating of "Moderate Buy" and a consensus price target of $118.70.

Robinhood Markets Company Profile

Robinhood Markets, Inc NASDAQ: HOOD is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to "democratize finance for all." Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood's core products and services include a mobile app and web platform for trading U.S.

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