Park Avenue Securities LLC Buys 64,506 Shares of Robinhood Markets, Inc. $HOOD

Key Points

• Park Avenue Securities LLC increased its stake in Robinhood Markets by 102.0% during the second quarter, acquiring an additional 64,506 shares to bring its total to 127,778 shares worth approximately $11.96 million.
• Robinhood Markets reported earnings of $0.42 per share, surpassing analysts' estimates of $0.30, and achieved a revenue of $989 million for the quarter, up 45% year-over-year.
• Insider transactions indicate significant selling activity, with insider Daniel Martin Gallagher, Jr. selling 225,000 shares for over $22 million, reflecting a 27.54% decrease in his ownership.

Park Avenue Securities LLC increased its stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 102.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 127,778 shares of the company's stock after acquiring an additional 64,506 shares during the quarter. Park Avenue Securities LLC's holdings in Robinhood Markets were worth $11,964,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in HOOD. HighTower Advisors LLC grew its holdings in Robinhood Markets by 6.4% during the 1st quarter. HighTower Advisors LLC now owns 50,264 shares of the company's stock worth $2,092,000 after acquiring an additional 3,032 shares during the period. TD Private Client Wealth LLC increased its holdings in Robinhood Markets by 184.4% in the first quarter. TD Private Client Wealth LLC now owns 1,829 shares of the company's stock worth $76,000 after purchasing an additional 1,186 shares in the last quarter. Wellington Management Group LLP increased its holdings in Robinhood Markets by 3.1% in the first quarter. Wellington Management Group LLP now owns 16,261 shares of the company's stock worth $677,000 after purchasing an additional 486 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Robinhood Markets by 125.9% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 19,201 shares of the company's stock worth $799,000 after buying an additional 10,703 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC bought a new position in shares of Robinhood Markets during the 1st quarter worth approximately $277,000. Institutional investors and hedge funds own 93.27% of the company's stock.

Robinhood Markets Stock Performance

NASDAQ HOOD opened at $124.78 on Friday. The company has a market capitalization of $110.89 billion, a PE ratio of 63.34, a price-to-earnings-growth ratio of 4.62 and a beta of 2.36. Robinhood Markets, Inc. has a 52-week low of $22.05 and a 52-week high of $125.18. The company has a 50-day simple moving average of $108.40 and a 200 day simple moving average of $76.11.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released 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. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.48%. The firm had revenue of $989.00 million during the quarter, compared to the consensus estimate of $893.93 million. During the same period in the prior year, the firm earned $0.21 EPS. The company's revenue was up 45.0% compared to the same quarter last year. As a group, analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Insider Transactions at Robinhood Markets

In other 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 value of $22,493,250.00. Following the sale, the insider 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 document filed with the SEC, which is available at the SEC website. Also, insider Steven M. Quirk sold 92,257 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $84.96, for a total transaction of $7,838,154.72. Following the completion of the transaction, the insider directly owned 136,364 shares of the company's stock, valued at approximately $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. Over the last three months, insiders have sold 5,767,855 shares of company stock valued at $588,837,174. 14.47% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on HOOD shares. KeyCorp lifted their price objective 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. Piper Sandler began coverage on shares of Robinhood Markets in a research note on Wednesday, September 10th. They issued an "overweight" rating and a $120.00 price target for the company. Keefe, Bruyette & Woods upped their price objective on shares of Robinhood Markets from $89.00 to $106.00 and gave the company a "market perform" rating in a report on Thursday, July 31st. Needham & Company LLC increased their price objective on shares of Robinhood Markets from $71.00 to $120.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, The Goldman Sachs Group boosted their target price on Robinhood Markets from $91.00 to $104.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Eleven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $101.88.

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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