Picton Mahoney Asset Management Has $13.54 Million Stock Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Picton Mahoney Asset Management reduced its stake in Robinhood Markets by 36.6%, selling 188,048 shares and leaving it with a total of 325,354 shares worth approximately $13.54 million.
• A number of hedge funds, including MetLife Investment Management and Allworth Financial, have increased their positions in Robinhood, indicating a growing interest among institutional investors in the stock.
• Analyst ratings for Robinhood are generally positive, with several firms raising their price targets significantly, leading to a consensus rating of "Moderate Buy" and a price target of $85.29.

Picton Mahoney Asset Management decreased its position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 36.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 325,354 shares of the company's stock after selling 188,048 shares during the period. Picton Mahoney Asset Management's holdings in Robinhood Markets were worth $13,540,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. American Century Companies Inc. grew its position in Robinhood Markets by 73.4% in the fourth quarter. American Century Companies Inc. now owns 90,922 shares of the company's stock valued at $3,388,000 after purchasing an additional 38,495 shares in the last quarter. Korea Investment CORP boosted its stake in Robinhood Markets by 335.4% during the fourth quarter. Korea Investment CORP now owns 385,216 shares of the company's stock worth $14,353,000 after acquiring an additional 296,740 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Robinhood Markets by 17.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 609,417 shares of the company's stock worth $25,199,000 after acquiring an additional 89,632 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in shares of Robinhood Markets in the fourth quarter valued at about $477,000. Finally, Loomis Sayles & Co. L P purchased a new stake in Robinhood Markets during the fourth quarter worth about $75,000. Institutional investors and hedge funds own 93.27% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Robinhood Markets from $89.00 to $106.00 and gave the company a "market perform" rating in a research report on Thursday. Morgan Stanley boosted their target price on shares of Robinhood Markets from $43.00 to $110.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Redburn Atlantic reiterated a "sell" rating and issued a $48.00 price target (up previously from $40.00) on shares of Robinhood Markets in a research note on Monday, June 9th. 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. Finally, The Goldman Sachs Group increased their target price on shares of Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a report on Monday, July 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $96.29.

Robinhood Markets Trading Down 2.3%

Shares of NASDAQ HOOD traded down $2.39 during mid-day trading on Friday, hitting $100.67. The company had a trading volume of 58,950,130 shares, compared to its average volume of 41,795,184. The company has a market capitalization of $89.13 billion, a PE ratio of 50.79, a price-to-earnings-growth ratio of 5.40 and a beta of 2.36. The firm has a 50-day simple moving average of $86.18 and a two-hundred day simple moving average of $61.49. Robinhood Markets, Inc. has a one year low of $13.98 and a one year high of $113.44.

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 (EPS) 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 17.69%. The firm's quarterly revenue was up 45.0% compared to the same quarter last year. During the same period last year, the firm posted $0.21 earnings per share. Sell-side analysts expect 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 the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $101.90, for a total transaction of $39,280,921.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Steven M. Quirk sold 92,257 shares of the business's stock in a transaction 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 sale, the insider directly owned 136,364 shares in the company, valued at approximately $11,585,485.44. This represents a 40.35% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,026,690 shares of company stock valued at $257,160,102. 14.47% of the stock is currently owned by 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.