Odyssean LLC Makes New Investment in Robinhood Markets, Inc. $HOOD

Key Points

• Odyssean LLC initiated a position in Robinhood Markets, purchasing 24,792 shares valued at approximately $2.49 million. Institutional investors collectively own 93.27% of the company.
• Robinhood exceeded quarterly expectations, reporting $0.62 in EPS versus the $0.44 consensus and $1.31 billion in revenue, up 32.5% year over year.
• Analyst sentiment remains broadly positive, with 23 Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $122.67; however, insiders sold $69.1 million of stock over the past 90 days.

Odyssean LLC purchased a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 24,792 shares of the company's stock, valued at approximately $2,486,000.

Other institutional investors have also bought and sold shares of the company. State Street Corp lifted its stake in shares of Robinhood Markets by 103.2% during the 3rd quarter. State Street Corp now owns 32,246,155 shares of the company's stock valued at $4,617,004,000 after buying an additional 16,375,734 shares in the last quarter. Norges Bank bought a new position in shares of Robinhood Markets in the fourth quarter worth $1,202,160,000. Bank of New York Mellon Corp bought a new position in shares of Robinhood Markets in the second quarter worth $379,695,000. Amundi grew its position in shares of Robinhood Markets by 89.0% in the first quarter. Amundi now owns 6,385,232 shares of the company's stock valued at $442,497,000 after purchasing an additional 3,007,103 shares in the last quarter. Finally, Corient Private Wealth LLC grew its position in shares of Robinhood Markets by 5,221.4% in the fourth quarter. Corient Private Wealth LLC now owns 2,559,848 shares of the company's stock valued at $289,519,000 after purchasing an additional 2,511,743 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Robinhood Markets Trading Down 2.1%

Shares of HOOD opened at $122.11 on Friday. The firm has a market cap of $109.79 billion, a price-to-earnings ratio of 53.79, a PEG ratio of 2.56 and a beta of 2.34. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.22 and a current ratio of 1.22. Robinhood Markets, Inc. has a fifty-two week low of $63.51 and a fifty-two week high of $153.86. The firm has a 50 day moving average price of $102.73 and a 200-day moving average price of $88.26.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.44 by $0.18. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.29 billion. Robinhood Markets had a net margin of 42.01% and a return on equity of 22.43%. The firm's quarterly revenue was up 32.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.42 EPS. As a group, equities research analysts forecast that Robinhood Markets, Inc. will post 2.08 earnings per share for the current year.

Insider Activity

In related news, insider Steven M. Quirk sold 24,416 shares of the stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $120.33, for a total transaction of $2,937,977.28. Following the completion of the sale, the insider directly owned 77,839 shares in the company, valued at $9,366,366.87. This represents a 23.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Daniel Martin Gallagher, Jr. sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $90.42, for a total value of $904,200.00. Following the transaction, the insider owned 461,396 shares in the company, valued at approximately $41,719,426.32. The trade was a 2.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 626,283 shares of company stock valued at $69,070,083. Company insiders own 13.48% of the company's stock.

Key Stories Impacting Robinhood Markets

Here are the key news stories impacting Robinhood Markets this week:

• Positive Sentiment: Analyst sentiment remains supportive. Scotiabank initiated coverage with a bullish view, while Piper Sandler raised its price target to $145 and expects football-related event contracts to increase activity. Robinhood generated $156 million from event contracts in the second quarter. Robinhood Stock Jumps After Wave of Analysts Upgrade
• Positive Sentiment: Robinhood Chain and crypto activity are emerging growth drivers. The new blockchain reportedly generated about $3.8 million in fees on September 1, while the company now has 13 business lines with more than $100 million in annualized revenue. Deutsche Bank also sees potential upside from Robinhood’s latest crypto initiatives. Robinhood Now Runs 13 Revenue Lines Above $100 Million a Year
• Positive Sentiment: CEO Vlad Tenev said Robinhood’s newly launched Trust Accounts have attracted more than $150 million since August, suggesting early customer demand for the offering. Robinhood Trust Accounts Now Have Over $150 Million

Analyst Ratings Changes

A number of brokerages recently issued reports on HOOD. Piper Sandler reissued an "overweight" rating and set a $145.00 price objective (up from $135.00) on shares of Robinhood Markets in a report on Wednesday. The Goldman Sachs Group reduced their target price on Robinhood Markets from $137.00 to $118.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft upped their price target on Robinhood Markets from $105.00 to $113.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Barclays lowered their price target on shares of Robinhood Markets from $122.00 to $105.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. Finally, Wall Street Zen raised shares of Robinhood Markets from a "strong sell" rating to a "sell" rating in a research note on Sunday, July 12th. Twenty-three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Robinhood Markets presently has a consensus rating of "Moderate Buy" and an average target price of $122.67.

Robinhood Markets Company Profile

Robinhood Markets, Inc NASDAQ: HOOD is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to "democratize finance for all." Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood's core products and services include a mobile app and web platform for trading U.S.

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