Resona Asset Management Co. Ltd. Has $7.56 Million Stake in Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Robinhood Markets by 22.3%, owning 181,347 shares worth approximately $7.56 million after purchasing an additional 33,082 shares.
• Insider Daniel Martin Gallagher, Jr. sold 225,000 shares of Robinhood stock, representing a 27.54% decrease in his ownership, while total insider sales in the past ninety days amounted to $430 million.
• Analysts have raised their price targets for Robinhood Markets, with KeyCorp setting the new target at $110 and the consensus rating at "Moderate Buy."

Resona Asset Management Co. Ltd. lifted its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 22.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 181,347 shares of the company's stock after purchasing an additional 33,082 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Robinhood Markets were worth $7,555,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. HighTower Advisors LLC boosted its stake in Robinhood Markets by 6.4% in 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 in the last quarter. AGF Management Ltd. boosted its stake in Robinhood Markets by 286.0% in the 1st quarter. AGF Management Ltd. now owns 5,743,715 shares of the company's stock valued at $239,053,000 after buying an additional 4,255,862 shares in the last quarter. Meridian Wealth Management LLC boosted its stake in Robinhood Markets by 31.7% in the 1st quarter. Meridian Wealth Management LLC now owns 218,024 shares of the company's stock valued at $9,074,000 after buying an additional 52,494 shares in the last quarter. Independent Advisor Alliance boosted its stake in Robinhood Markets by 36.4% in the 1st quarter. Independent Advisor Alliance now owns 9,812 shares of the company's stock valued at $408,000 after buying an additional 2,619 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Robinhood Markets in the 1st quarter valued at $97,642,000. Institutional investors and hedge funds own 93.27% of the company's stock.

Insider Buying and Selling at Robinhood Markets

In related news, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of Robinhood Markets stock in a transaction on Monday, August 4th. The stock was sold at an average price of $104.23, for a total transaction of $2,605,750.00. Following the completion of the sale, the insider directly owned 566,887 shares of the company's stock, valued at $59,086,632.01. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Jeffrey Tsvi Pinner sold 5,864 shares of Robinhood Markets stock in a transaction on Friday, July 25th. The stock was sold at an average price of $104.73, for a total value of $614,136.72. Following the sale, the chief technology officer directly owned 3,044 shares of the company's stock, valued at approximately $318,798.12. This trade represents a 65.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,644,685 shares of company stock valued at $430,085,957 over the last quarter. 14.47% of the stock is owned by corporate insiders.

Robinhood Markets Price Performance

Shares of HOOD stock traded up $3.46 on Friday, reaching $114.17. 32,125,017 shares of the stock were exchanged, compared to its average volume of 42,715,608. Robinhood Markets, Inc. has a one year low of $18.71 and a one year high of $117.70. The stock has a 50 day moving average price of $95.36 and a 200 day moving average price of $66.26. The stock has a market cap of $101.46 billion, a PE ratio of 57.95, a P/E/G ratio of 4.35 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates 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 period in the previous year, the firm earned $0.21 earnings per share. The firm's quarterly revenue was up 45.0% compared to the same quarter last year. On average, research analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Cantor Fitzgerald lifted their price objective on Robinhood Markets from $100.00 to $118.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Compass Point lifted their price objective on Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Mizuho lifted their price objective on Robinhood Markets from $99.00 to $120.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. KeyCorp lifted their price objective on Robinhood Markets from $60.00 to $110.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Citigroup lifted their price objective on Robinhood Markets from $100.00 to $120.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. One analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Robinhood Markets has an average rating of "Moderate Buy" and an average 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.