Northern Trust Corp Buys 163,823 Shares of Robinhood Markets, Inc. $HOOD

Key Points

• Northern Trust Corp increased its stake in Robinhood Markets by 4.2%, acquiring an additional 163,823 shares, bringing its total ownership to approximately $169 million.
• Wall Street analysts have optimistic growth projections for Robinhood, with target prices ranging from $47 to $120, resulting in a consensus rating of "Moderate Buy."
• Robinhood's latest earnings report showed earnings per share of $0.42, exceeding forecasts, while revenue rose 45% year-over-year to $989 million.

Northern Trust Corp lifted its stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,061,398 shares of the company's stock after buying an additional 163,823 shares during the period. Northern Trust Corp owned approximately 0.46% of Robinhood Markets worth $169,035,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. GeoWealth Management LLC purchased a new position in shares of Robinhood Markets in the fourth quarter worth $53,000. First Trust Advisors LP boosted its holdings in shares of 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 purchasing an additional 254,817 shares during the period. MetLife Investment Management LLC raised its position in Robinhood Markets by 1.5% during the 4th quarter. MetLife Investment Management LLC now owns 11,806 shares of the company's stock valued at $440,000 after purchasing an additional 171 shares during the last quarter. MML Investors Services LLC lifted its holdings in Robinhood Markets by 4.3% in the 4th quarter. MML Investors Services LLC now owns 54,052 shares of the company's stock worth $2,014,000 after buying an additional 2,213 shares during the period. Finally, Tower Research Capital LLC TRC grew its position in shares of Robinhood Markets by 218.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 28,141 shares of the company's stock worth $1,049,000 after buying an additional 19,294 shares during the last quarter. Institutional investors own 93.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on HOOD. JPMorgan Chase & Co. boosted their price objective on shares of 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 lifted 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. The Goldman Sachs Group upped their target price on Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Redburn Atlantic reaffirmed a "sell" rating and issued a $48.00 price target (up from $40.00) on shares of Robinhood Markets in a research note on Monday, June 9th. Finally, Piper Sandler boosted their target price on shares of Robinhood Markets from $110.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Eleven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Robinhood Markets currently has a consensus rating of "Moderate Buy" and a consensus target price of $100.31.

Robinhood Markets Stock Performance

Shares of NASDAQ HOOD opened at $106.30 on Friday. The company has a market cap of $94.47 billion, a PE ratio of 53.96, a P/E/G ratio of 3.86 and a beta of 2.36. The firm's 50 day moving average price is $98.15 and its 200-day moving average price is $67.71. Robinhood Markets, Inc. has a 52-week low of $18.71 and a 52-week high of $117.70.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.30 by $0.12. The company 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 firm's revenue for the quarter was up 45.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.21 EPS. On average, analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Activity

In other Robinhood Markets news, CEO Vladimir Tenev sold 385,485 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $101.90, for a total value of $39,280,921.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the business's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $104.73, for a total transaction of $614,136.72. Following the sale, the chief technology officer owned 3,044 shares of the company's stock, valued at approximately $318,798.12. This represents a 65.83% 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 worth $448,881,884. 14.47% of the stock is owned by corporate 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.

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