Pinnacle Wealth Management LLC Takes Position in Robinhood Markets, Inc. $HOOD

Key Points

• Pinnacle Wealth Management LLC acquired a new stake in Robinhood Markets, purchasing 20,272 shares valued at approximately $1.9 million, making it their 29th largest holding.
• Wall Street analysts have increased their target prices for Robinhood Markets, with Morgan Stanley raising it to $146 and KeyCorp to $110, indicating a generally positive outlook on the stock.
• Insider trading activity includes CEO Vladimir Tenev selling 750,000 shares for about $104.8 million, contributing to a total of over 5 million shares sold by insiders in the past 90 days.

Pinnacle Wealth Management LLC acquired a new stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 20,272 shares of the company's stock, valued at approximately $1,898,000. Robinhood Markets comprises approximately 1.6% of Pinnacle Wealth Management LLC's holdings, making the stock its 29th biggest holding.

Other large investors have also recently made changes to their positions in the company. HighTower Advisors LLC raised its stake in shares of Robinhood Markets by 6.4% during the 1st quarter. HighTower Advisors LLC now owns 50,264 shares of the company's stock valued at $2,092,000 after buying an additional 3,032 shares during the last quarter. TD Private Client Wealth LLC boosted its stake in shares of 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 buying an additional 1,186 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of 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 buying an additional 486 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of Robinhood Markets by 125.9% in the first 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 during the last quarter. Finally, Metavasi Capital LP boosted its stake in shares of Robinhood Markets by 275.0% in the first quarter. Metavasi Capital LP now owns 75,000 shares of the company's stock worth $3,122,000 after buying an additional 55,000 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Morgan Stanley upped their target price on Robinhood Markets from $110.00 to $146.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 1st. KeyCorp upped their target price on Robinhood Markets from $60.00 to $110.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Piper Sandler restated an "overweight" rating and issued a $140.00 target price (up previously from $120.00) on shares of Robinhood Markets in a research note on Tuesday, September 23rd. Compass Point upped their target price on Robinhood Markets from $64.00 to $96.00 and gave the stock a "buy" rating in a research note on Friday, June 27th. Finally, Cantor Fitzgerald upped their target price on Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Twelve investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $118.94.

Insider Activity at Robinhood Markets

In other news, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $99.97, for a total value of $22,493,250.00. Following the transaction, the insider owned 591,887 shares in the company, valued at $59,170,943.39. This trade represents a 27.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Vladimir Tenev sold 750,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $139.73, for a total value of $104,797,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 5,181,462 shares of company stock valued at $567,328,871 in the last ninety days. 14.47% of the stock is currently owned by company insiders.

Robinhood Markets Trading Down 1.2%

Shares of HOOD stock opened at $129.91 on Friday. The company has a market capitalization of $115.45 billion, a P/E ratio of 65.94, a P/E/G ratio of 3.43 and a beta of 2.42. The business's 50 day moving average is $121.26 and its two-hundred day moving average is $89.28. Robinhood Markets, Inc. has a 12-month low of $23.00 and a 12-month high of $153.86.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.30 by $0.12. The company had revenue of $989.00 million for the quarter, compared to the consensus estimate of $893.93 million. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%.Robinhood Markets's revenue for the quarter was up 45.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.21 earnings per share. On average, research analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Robinhood Markets 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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