Nikko Asset Management Americas Inc. Sells 5,186,293 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Nikko Asset Management Americas Inc. has reduced its stake in Robinhood Markets by 31.4%, selling over 5 million shares, and now holds approximately 11.3 million shares.
• Robinhood reported $0.37 earnings per share for the last quarter, missing estimates, but its revenue of $927 million exceeded analyst expectations.
• Several analysts have raised their price targets for Robinhood, with the average target now at $85.29, and a consensus rating of "Moderate Buy."

Nikko Asset Management Americas Inc. reduced its stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 31.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 11,327,315 shares of the company's stock after selling 5,186,293 shares during the period. Robinhood Markets makes up approximately 6.0% of Nikko Asset Management Americas Inc.'s portfolio, making the stock its 2nd biggest holding. Nikko Asset Management Americas Inc. owned 1.28% of Robinhood Markets worth $471,330,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Robinhood Markets during the 4th quarter worth about $314,000. American Century Companies Inc. boosted its stake in shares of Robinhood Markets by 73.4% during the 4th quarter. American Century Companies Inc. now owns 90,922 shares of the company's stock worth $3,388,000 after acquiring an additional 38,495 shares in the last quarter. Modern Wealth Management LLC purchased a new stake in shares of Robinhood Markets during the 4th quarter worth about $225,000. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of Robinhood Markets during the 4th quarter worth about $257,000. Finally, Ausdal Financial Partners Inc. purchased a new stake in shares of Robinhood Markets during the 4th quarter worth about $225,000. 93.27% of the stock is owned by institutional investors and hedge funds.

Robinhood Markets Stock Performance

Robinhood Markets stock opened at $104.85 on Friday. Robinhood Markets, Inc. has a fifty-two week low of $13.98 and a fifty-two week high of $113.44. The firm has a 50 day moving average price of $82.95 and a 200 day moving average price of $59.71. The company has a market capitalization of $92.84 billion, a PE ratio of 59.57, a price-to-earnings-growth ratio of 5.20 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.04). The company had revenue of $927.00 million during the quarter, compared to analyst estimates of $917.12 million. Robinhood Markets had a net margin of 48.77% and a return on equity of 15.42%. The firm's revenue for the quarter was up 50.0% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS. As a group, equities research analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft increased their target price on shares of Robinhood Markets from $70.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Mizuho raised their price target on shares of Robinhood Markets from $80.00 to $99.00 and gave the company an "outperform" rating in a research note on Tuesday, July 1st. JPMorgan Chase & Co. raised their price target on shares of Robinhood Markets from $44.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Needham & Company LLC reaffirmed a "buy" rating and issued a $71.00 price target on shares of Robinhood Markets in a research note on Tuesday, May 27th. Finally, Compass Point raised their price target on shares of Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a research note on Friday, June 27th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $85.29.

Insiders Place Their Bets

In other Robinhood Markets news, insider Steven M. Quirk sold 104,887 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $70.14, for a total value of $7,356,774.18. Following the completion of the transaction, the insider owned 228,621 shares in the company, valued at $16,035,476.94. The trade was a 31.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Baiju Bhatt sold 418,338 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $74.29, for a total transaction of $31,078,330.02. Following the completion of the transaction, the director owned 7,863 shares of the company's stock, valued at approximately $584,142.27. This trade represents a 98.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,696,644 shares of company stock worth $218,696,575 over the last 90 days. Corporate insiders own 14.47% of the company's stock.

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.

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