NewEdge Advisors LLC Increases Stake in Robinhood Markets, Inc. $HOOD

Key Points

• NewEdge Advisors LLC increased its stake in Robinhood Markets, Inc. by 80.6%, owning 75,320 shares worth $3,135,000 after purchasing an additional 33,611 shares in Q1.
• CEO Vladimir Tenev sold 750,000 shares for approximately $69.95 million, while total insider sales reached over $539 million in the past 90 days.
• Recent analyst reports show optimism with significant target price increases; Morgan Stanley raised its target from $43 to $110, indicating a consensus rating of "Moderate Buy" for the stock.

NewEdge Advisors LLC boosted its position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 80.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 75,320 shares of the company's stock after purchasing an additional 33,611 shares during the quarter. NewEdge Advisors LLC's holdings in Robinhood Markets were worth $3,135,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. HighTower Advisors LLC raised its stake in Robinhood Markets by 6.4% in the 1st quarter. HighTower Advisors LLC now owns 50,264 shares of the company's stock valued at $2,092,000 after purchasing an additional 3,032 shares during the last quarter. TD Private Client Wealth LLC increased its stake in shares of Robinhood Markets by 184.4% in the 1st quarter. TD Private Client Wealth LLC now owns 1,829 shares of the company's stock worth $76,000 after acquiring an additional 1,186 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Robinhood Markets by 3.1% in the 1st quarter. Wellington Management Group LLP now owns 16,261 shares of the company's stock worth $677,000 after acquiring an additional 486 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of Robinhood Markets by 125.9% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 19,201 shares of the company's stock worth $799,000 after acquiring an additional 10,703 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC acquired a new stake in shares of Robinhood Markets in the 1st quarter worth $277,000. 93.27% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Robinhood Markets

In related news, CEO Vladimir Tenev sold 750,000 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $93.27, for a total transaction of $69,952,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven M. Quirk sold 92,257 shares of the firm's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $84.96, for a total value of $7,838,154.72. Following the transaction, the insider owned 136,364 shares of the company's stock, valued at $11,585,485.44. This trade represents a 40.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,355,381 shares of company stock worth $539,335,586 over the last ninety days. Company insiders own 14.47% of the company's stock.

Wall Street Analyst Weigh In

HOOD has been the subject of a number of recent research reports. Morgan Stanley raised their target price on Robinhood Markets from $43.00 to $110.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. Barclays raised their target price on Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Needham & Company LLC raised their target price on Robinhood Markets from $71.00 to $120.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. KeyCorp raised their price objective on Robinhood Markets from $60.00 to $110.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Finally, Cantor Fitzgerald raised their price objective on Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Eleven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $101.88.

Robinhood Markets Price Performance

Shares of NASDAQ:HOOD traded down $1.04 during midday trading on Wednesday, reaching $117.46. 46,542,523 shares of the company's stock were exchanged, compared to its average volume of 39,547,480. The firm's 50 day simple moving average is $105.10 and its two-hundred day simple moving average is $72.52. The stock has a market cap of $104.38 billion, a price-to-earnings ratio of 59.62, a P/E/G ratio of 4.34 and a beta of 2.36. Robinhood Markets, Inc. has a fifty-two week low of $19.54 and a fifty-two week high of $123.44.

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, topping analysts' consensus estimates of $0.30 by $0.12. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%.The firm had revenue of $989.00 million during the quarter, compared to the consensus estimate of $893.93 million. During the same period last year, the company earned $0.21 EPS. The company's quarterly revenue was up 45.0% on a year-over-year basis. Equities research analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal 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.