Nuveen LLC Invests $97.64 Million in Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Nuveen LLC has made a new investment of $97.64 million in Robinhood Markets, Inc., acquiring 2,346,035 shares, which constitutes 0.26% of the company as of their recent SEC filing.
• Robinhood Markets reported a 45.0% year-over-year increase in revenue, with earnings per share of $0.42 for the last quarter, surpassing analysts’ estimates of $0.30.
• Several hedge funds have increased their holdings in Robinhood, with over 93.27% of the company's stock now owned by institutional investors.

Nuveen LLC purchased a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,346,035 shares of the company's stock, valued at approximately $97,642,000. Nuveen LLC owned about 0.26% of Robinhood Markets as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new position in Robinhood Markets in the 1st quarter valued at $3,475,000. Pandora Wealth Inc. purchased a new stake in shares of Robinhood Markets during the 1st quarter valued at $33,000. Sierra Summit Advisors LLC purchased a new stake in Robinhood Markets during the 1st quarter worth $8,352,000. Koss Olinger Consulting LLC purchased a new stake in Robinhood Markets during the 1st quarter worth $416,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Robinhood Markets during the 1st quarter worth $1,038,000. Hedge funds and other institutional investors own 93.27% of the company's stock.

Robinhood Markets Stock Performance

Shares of NASDAQ:HOOD traded up $2.09 on Thursday, hitting $110.71. 34,270,756 shares of the company were exchanged, compared to its average volume of 41,803,992. The company's 50 day moving average price is $93.81 and its two-hundred day moving average price is $65.27. Robinhood Markets, Inc. has a one year low of $18.71 and a one year high of $117.70. The firm has a market capitalization of $98.39 billion, a price-to-earnings ratio of 56.20, a PEG ratio of 4.35 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its earnings results 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 for the quarter, compared to analysts' expectations 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 quarter in the previous year, the firm posted $0.21 earnings per share. Research analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insider Activity at Robinhood Markets

In related news, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $99.97, for a total transaction of $22,493,250.00. Following the completion of the sale, the insider directly 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Baiju Bhatt sold 1,568,421 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $99.98, for a total transaction of $156,810,731.58. The disclosure for this sale can be found here. Insiders have sold a total of 4,644,685 shares of company stock valued at $430,085,957 over the last ninety days. Company insiders own 14.47% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on HOOD shares. Compass Point upped their price objective on shares of Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Cantor Fitzgerald upped their target price on shares of Robinhood Markets from $100.00 to $118.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. KeyCorp upped their target price on shares of Robinhood Markets from $60.00 to $110.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Mizuho upped their target price on shares of Robinhood Markets from $99.00 to $120.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Piper Sandler upped their target price on shares of Robinhood Markets from $110.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. One research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company 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.