Robinhood Markets, Inc. $HOOD Shares Purchased by Korea Investment CORP

Key Points

• Korea Investment CORP has increased its stake in Robinhood Markets, purchasing an additional 175,243 shares, bringing its total ownership to approximately 560,459 shares, valued at $23.33 million.
• Robinhood Markets reported a significant earnings growth, with a net revenue of $989 million, surpassing analysts' expectations of $893.93 million, and an earnings per share (EPS) of $0.42 for the last quarter.
• Insiders have sold over 4.6 million shares of Robinhood in the past three months, indicating a 14.47% ownership by corporate insiders, raising potential concerns about insider confidence in the company.

Korea Investment CORP boosted its position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 45.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 560,459 shares of the company's stock after purchasing an additional 175,243 shares during the period. Korea Investment CORP owned about 0.06% of Robinhood Markets worth $23,326,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in HOOD. GeoWealth Management LLC purchased a new position in shares of Robinhood Markets during the 4th quarter worth approximately $53,000. First Trust Advisors LP grew its holdings in Robinhood Markets by 35.9% during the fourth quarter. First Trust Advisors LP now owns 964,836 shares of the company's stock worth $35,950,000 after acquiring an additional 254,817 shares during the period. MetLife Investment Management LLC raised its position in Robinhood Markets by 1.5% in the fourth quarter. MetLife Investment Management LLC now owns 11,806 shares of the company's stock worth $440,000 after acquiring an additional 171 shares in the last quarter. MML Investors Services LLC raised its position in Robinhood Markets by 4.3% in the fourth quarter. MML Investors Services LLC now owns 54,052 shares of the company's stock worth $2,014,000 after acquiring an additional 2,213 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in Robinhood Markets by 218.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 28,141 shares of the company's stock valued at $1,049,000 after acquiring an additional 19,294 shares during the period. Hedge funds and other institutional investors own 93.27% of the company's stock.

Insiders Place Their Bets

In other news, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $93.27, for a total value of $69,952,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $99.97, for a total value of $22,493,250.00. Following the completion of the transaction, the insider owned 591,887 shares of the company's stock, valued at $59,170,943.39. The trade was a 27.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,644,685 shares of company stock valued at $448,881,884. Insiders own 14.47% of the company's stock.

Robinhood Markets Price Performance

NASDAQ:HOOD traded up $3.02 on Friday, reaching $109.32. The stock had a trading volume of 39,820,141 shares, compared to its average volume of 41,865,128. Robinhood Markets, Inc. has a 12-month low of $18.71 and a 12-month high of $117.70. The company has a market cap of $97.15 billion, a price-to-earnings ratio of 55.49, a P/E/G ratio of 3.90 and a beta of 2.36. The firm's fifty day moving average is $98.88 and its two-hundred day moving average is $68.10.

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, beating analysts' consensus estimates of $0.30 by $0.12. The business had revenue of $989.00 million during the quarter, compared to analyst estimates 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 was up 45.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.21 earnings per share. As a group, research analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on HOOD. Redburn Atlantic reaffirmed a "sell" rating and set a $48.00 price target (up from $40.00) on shares of Robinhood Markets in a research note on Monday, June 9th. Piper Sandler boosted their price objective on shares of Robinhood Markets from $110.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Needham & Company LLC upped their target price on shares of Robinhood Markets from $71.00 to $120.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Morgan Stanley increased their target price on shares of Robinhood Markets from $43.00 to $110.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Finally, Mizuho lifted their price target on shares of Robinhood Markets from $99.00 to $120.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Eleven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Robinhood Markets currently has a consensus rating of "Moderate Buy" and a consensus target price of $100.31.

Robinhood Markets Company Profile

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.