Navellier & Associates Inc. Makes New $2.08 Million Investment in Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Navellier & Associates Inc. has made a new investment in Robinhood Markets, Inc., purchasing 49,845 shares valued at approximately $2.08 million in the first quarter.
• Robinhood's stock has seen a recent trading increase, currently trading at $104.85, with a market capitalization of $92.84 billion and a notable price-to-earnings ratio of 59.57.
• Equities analysts are optimistic about Robinhood's future, with several firms adjusting their target prices, reflecting positive sentiment and a consensus rating of "Moderate Buy."

Navellier & Associates Inc. purchased a new position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 49,845 shares of the company's stock, valued at approximately $2,075,000.

A number of other hedge funds have also bought and sold shares of the company. MetLife Investment Management LLC grew its stake 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 purchasing an additional 171 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Robinhood Markets by 4.0% during the first quarter. Farther Finance Advisors LLC now owns 6,890 shares of the company's stock worth $290,000 after purchasing an additional 265 shares during the period. Allworth Financial LP raised its holdings in shares of Robinhood Markets by 23.4% during the first quarter. Allworth Financial LP now owns 1,401 shares of the company's stock worth $58,000 after purchasing an additional 266 shares during the period. HighPoint Advisor Group LLC lifted its holdings in Robinhood Markets by 0.8% in the first quarter. HighPoint Advisor Group LLC now owns 36,510 shares of the company's stock worth $1,520,000 after acquiring an additional 272 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC lifted its holdings in Robinhood Markets by 1.1% in the first quarter. U.S. Capital Wealth Advisors LLC now owns 28,850 shares of the company's stock worth $1,201,000 after acquiring an additional 320 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Robinhood Markets Trading Up 2.9%

NASDAQ:HOOD traded up $2.92 during midday trading on Friday, hitting $104.85. 35,546,767 shares of the stock were exchanged, compared to its average volume of 55,217,080. Robinhood Markets, Inc. has a one year low of $13.98 and a one year high of $113.44. The company has a market capitalization of $92.84 billion, a price-to-earnings ratio of 59.57, a P/E/G ratio of 5.20 and a beta of 2.36. The business has a 50-day moving average price of $82.95 and a two-hundred day moving average price of $59.71.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.04). The firm had revenue of $927.00 million for the quarter, compared to the consensus estimate of $917.12 million. Robinhood Markets had a return on equity of 15.42% and a net margin of 48.77%. Robinhood Markets's revenue for the quarter was up 50.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 EPS. Sell-side analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on HOOD shares. Citigroup raised their target price on shares of Robinhood Markets from $50.00 to $100.00 and gave the stock a "neutral" rating in a report on Monday, July 7th. Needham & Company LLC restated a "buy" rating and set a $71.00 price objective on shares of Robinhood Markets in a research report on Tuesday, May 27th. JPMorgan Chase & Co. boosted their price objective on Robinhood Markets from $44.00 to $47.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Compass Point boosted their price objective on Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Finally, Cantor Fitzgerald boosted their price objective on Robinhood Markets from $89.00 to $100.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Robinhood Markets has a consensus rating of "Moderate Buy" and an average price target of $85.29.

Insiders Place Their Bets

In other Robinhood Markets news, Director Baiju Bhatt sold 418,338 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $74.29, for a total value of $31,078,330.02. Following the transaction, the director owned 7,863 shares in the company, valued at approximately $584,142.27. The trade was a 98.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $93.27, for a total transaction of $69,952,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,696,644 shares of company stock worth $218,696,575. 14.47% of the stock is owned by insiders.

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.