PNC Financial Services Group Inc. Acquires 46,688 Shares of Robinhood Markets, Inc. $HOOD

Key Points

• PNC Financial Services Group increased its Robinhood stake by 86.2% in the fourth quarter, buying 46,688 additional shares and bringing its total holding to 100,849 shares worth about $11.4 million.
• Other institutional investors also added to or initiated positions in Robinhood, and institutions now own 93.27% of the company’s stock.
• Robinhood shares were down about 3% to $73.64, while recent quarterly results missed both earnings and revenue estimates even as revenue rose 15.1% year over year.

PNC Financial Services Group Inc. lifted its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 86.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 100,849 shares of the company's stock after purchasing an additional 46,688 shares during the period. PNC Financial Services Group Inc.'s holdings in Robinhood Markets were worth $11,406,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in HOOD. Empowered Funds LLC lifted its stake in shares of Robinhood Markets by 46.7% in the 1st quarter. Empowered Funds LLC now owns 49,870 shares of the company's stock worth $2,076,000 after purchasing an additional 15,885 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of Robinhood Markets in the 2nd quarter worth approximately $5,105,000. Federated Hermes Inc. lifted its stake in shares of Robinhood Markets by 106.2% in the 2nd quarter. Federated Hermes Inc. now owns 63,957 shares of the company's stock worth $5,988,000 after purchasing an additional 32,933 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Robinhood Markets by 19.1% in the 2nd quarter. NewEdge Advisors LLC now owns 89,676 shares of the company's stock worth $8,396,000 after purchasing an additional 14,356 shares during the period. Finally, Nebula Research & Development LLC bought a new position in shares of Robinhood Markets in the 2nd quarter worth approximately $1,316,000. Institutional investors own 93.27% of the company's stock.

Insider Activity at Robinhood Markets

In other news, Director Baiju Bhatt sold 67,422 shares of Robinhood Markets stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $75.38, for a total transaction of $5,082,270.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven M. Quirk sold 8,540 shares of Robinhood Markets stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $84.93, for a total value of $725,302.20. Following the sale, the insider owned 53,183 shares of the company's stock, valued at approximately $4,516,832.19. This trade represents a 13.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 560,765 shares of company stock valued at $40,946,840 over the last three months. Corporate insiders own 14.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Loop Capital set a $130.00 target price on shares of Robinhood Markets in a research note on Monday, February 9th. Truist Financial decreased their target price on shares of Robinhood Markets from $120.00 to $100.00 and set a "buy" rating on the stock in a research note on Monday, April 13th. Piper Sandler decreased their target price on shares of Robinhood Markets from $155.00 to $135.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 11th. Citizens Jmp restated a "market outperform" rating and set a $155.00 target price on shares of Robinhood Markets in a research note on Wednesday, April 29th. Finally, Jefferies Financial Group decreased their target price on shares of Robinhood Markets from $88.00 to $84.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Eighteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Robinhood Markets currently has a consensus rating of "Moderate Buy" and an average price target of $107.88.

Robinhood Markets Stock Down 3.0%

NASDAQ HOOD opened at $73.64 on Friday. The company has a fifty day moving average of $76.11 and a two-hundred day moving average of $96.47. The firm has a market capitalization of $66.31 billion, a price-to-earnings ratio of 35.58, a PEG ratio of 2.39 and a beta of 2.29. Robinhood Markets, Inc. has a 52 week low of $62.63 and a 52 week high of $153.86.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.01). The firm had revenue of $1.07 billion for the quarter, compared to analysts' expectations of $1.14 billion. Robinhood Markets had a return on equity of 21.39% and a net margin of 41.12%.The firm's quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.37 earnings per share. Equities research analysts anticipate that Robinhood Markets, Inc. will post 1.95 EPS for the current year.

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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