QRG Capital Management Inc. Acquires 34,898 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

QRG Capital Management Inc. boosted its holdings in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 35.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 134,576 shares of the company's stock after buying an additional 34,898 shares during the quarter. QRG Capital Management Inc.'s holdings in Robinhood Markets were worth $5,601,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Sagespring Wealth Partners LLC grew its position in Robinhood Markets by 14.3% during the first quarter. Sagespring Wealth Partners LLC now owns 6,170 shares of the company's stock valued at $257,000 after buying an additional 773 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of Robinhood Markets by 203.8% in the first quarter. Janney Montgomery Scott LLC now owns 75,422 shares of the company's stock worth $3,139,000 after purchasing an additional 50,597 shares during the period. Brighton Jones LLC bought a new position in shares of Robinhood Markets in the first quarter worth approximately $244,000. Ritholtz Wealth Management boosted its position in shares of Robinhood Markets by 14.9% in the first quarter. Ritholtz Wealth Management now owns 11,559 shares of the company's stock worth $481,000 after purchasing an additional 1,503 shares during the period. Finally, Tcfg Wealth Management LLC bought a new position in shares of Robinhood Markets in the first quarter worth approximately $201,000. 93.27% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Steven M. Quirk sold 24,311 shares of the stock in a transaction on Friday, May 9th. The shares were sold at an average price of $54.93, for a total value of $1,335,403.23. Following the sale, the insider now owns 299,349 shares of the company's stock, valued at approximately $16,443,240.57. This represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $43.36, for a total transaction of $253,786.08. Following the completion of the sale, the chief technology officer now directly owns 11,706 shares in the company, valued at approximately $507,572.16. This represents a 33.33% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,650,974 shares of company stock valued at $142,977,123. 19.95% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. JMP Securities reiterated a "market outperform" rating and issued a $70.00 price target on shares of Robinhood Markets in a research report on Thursday, May 1st. Wolfe Research lowered shares of Robinhood Markets from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, February 18th. Barclays dropped their price target on shares of Robinhood Markets from $76.00 to $45.00 and set an "overweight" rating for the company in a research report on Monday, April 7th. Morgan Stanley upped their target price on shares of Robinhood Markets from $40.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 13th. Finally, KeyCorp dropped their target price on shares of Robinhood Markets from $75.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $58.00.

Robinhood Markets Stock Down 2.3%

Robinhood Markets stock opened at $74.95 on Wednesday. The company has a market cap of $66.37 billion, a price-to-earnings ratio of 42.59, a PEG ratio of 4.53 and a beta of 2.25. The firm's fifty day moving average is $57.73 and its 200 day moving average is $49.26. Robinhood Markets, Inc. has a 52-week low of $13.98 and a 52-week high of $77.80.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.04). Robinhood Markets had a net margin of 48.77% and a return on equity of 15.42%. The business had revenue of $927.00 million for the quarter, compared to analysts' expectations of $917.12 million. During the same period in the previous year, the company earned $0.18 EPS. Robinhood Markets's revenue for the quarter was up 50.0% compared to the same quarter last year. On average, equities research analysts anticipate 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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