Price T Rowe Associates Inc. MD Has $116.37 Million Stock Position in Robinhood Markets, Inc. $HOOD

Key Points

• Price T Rowe Associates Inc. MD reduced its stake in Robinhood Markets, Inc. by 46.1%, now holding 2,796,075 shares valued at approximately $116.37 million.
• A number of other institutional investors have altered their positions; notably, Whipplewood Advisors LLC increased its stake by 564.4% during the same quarter.
• Robinhood's latest earnings report indicated a significant 45% year-over-year revenue growth with an earnings per share (EPS) of $0.42, surpassing analysts' expectations.

Price T Rowe Associates Inc. MD cut its stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 46.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,796,075 shares of the company's stock after selling 2,389,150 shares during the period. Price T Rowe Associates Inc. MD owned 0.32% of Robinhood Markets worth $116,373,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Whipplewood Advisors LLC increased its position in Robinhood Markets by 564.4% in the first quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock worth $25,000 after buying an additional 508 shares during the period. Hemington Wealth Management increased its position in Robinhood Markets by 52.2% in the first quarter. Hemington Wealth Management now owns 636 shares of the company's stock worth $26,000 after buying an additional 218 shares during the period. Wayfinding Financial LLC acquired a new stake in Robinhood Markets in the first quarter worth $30,000. Pandora Wealth Inc. acquired a new stake in Robinhood Markets in the first quarter worth $33,000. Finally, CoreCap Advisors LLC increased its position in Robinhood Markets by 191.6% in the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company's stock worth $31,000 after buying an additional 550 shares during the period. 93.27% of the stock is owned by institutional investors and hedge funds.

Robinhood Markets Trading Down 5.4%

HOOD stock traded down $5.88 during trading hours on Wednesday, hitting $102.92. 35,754,580 shares of the stock traded hands, compared to its average volume of 41,585,809. The stock has a 50-day simple moving average of $100.19 and a 200 day simple moving average of $68.95. Robinhood Markets, Inc. has a one year low of $18.71 and a one year high of $117.70. The company has a market cap of $91.46 billion, a P/E ratio of 52.24, a P/E/G ratio of 3.96 and a beta of 2.36.

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

Insider Buying and Selling

In related news, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $93.27, for a total value of $69,952,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven M. Quirk sold 104,887 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $70.14, for a total value of $7,356,774.18. Following the completion of the transaction, the insider owned 228,621 shares of the company's stock, valued at $16,035,476.94. This trade represents a 31.45% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,644,685 shares of company stock worth $448,881,884. Company insiders own 19.95% of the company's stock.

Wall Street Analysts Forecast Growth

HOOD has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on Robinhood Markets from $44.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Mizuho raised their price target on Robinhood Markets from $99.00 to $120.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Citigroup raised their price target on Robinhood Markets from $100.00 to $120.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. JMP Securities raised their price target on Robinhood Markets from $125.00 to $130.00 and gave the company a "market outperform" rating in a report on Thursday, July 31st. Finally, Redburn Atlantic reissued a "sell" rating and set a $48.00 price target (up from $40.00) on shares of Robinhood Markets in a report on Monday, June 9th. Eleven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Robinhood Markets presently has a consensus rating of "Moderate Buy" and a consensus target price of $100.31.

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.