Robinhood Markets, Inc. $HOOD Position Reduced by Concentric Capital Strategies LP

Key Points

• Concentric Capital Strategies LP significantly reduced its position in Robinhood Markets by 91.9% in the first quarter, holding only 27,368 shares after selling 310,775 shares.
• Insider transactions included CEO Vladimir Tenev selling 750,000 shares for approximately $69.95 million and another insider selling over 92,000 shares, representing a decrease in their position by 40.35%.
• Robinhood's recent quarterly earnings showed a 45% year-over-year revenue increase to $989 million, exceeding analysts' expectations, and the company reported an EPS of $0.42 compared to an estimated $0.30.

Concentric Capital Strategies LP cut its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 91.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,368 shares of the company's stock after selling 310,775 shares during the quarter. Concentric Capital Strategies LP's holdings in Robinhood Markets were worth $1,139,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of HOOD. Whipplewood Advisors LLC lifted its stake in Robinhood Markets by 564.4% during the first quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock valued at $25,000 after buying an additional 508 shares in the last quarter. Hemington Wealth Management lifted its stake in Robinhood Markets by 52.2% during the first quarter. Hemington Wealth Management now owns 636 shares of the company's stock valued at $26,000 after buying an additional 218 shares in the last quarter. Wayfinding Financial LLC purchased a new stake in Robinhood Markets during the first quarter valued at about $30,000. CoreCap Advisors LLC lifted its stake in Robinhood Markets by 191.6% during the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company's stock valued at $31,000 after buying an additional 550 shares in the last quarter. Finally, Pandora Wealth Inc. purchased a new stake in Robinhood Markets during the first quarter valued at about $33,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Robinhood Markets

In other Robinhood Markets news, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $93.27, for a total transaction of $69,952,500.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven M. Quirk sold 92,257 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $84.96, for a total value of $7,838,154.72. Following the transaction, the insider owned 136,364 shares in the company, valued at approximately $11,585,485.44. This trade represents a 40.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,682,741 shares of company stock valued at $561,239,411 in the last ninety days. 14.47% of the stock is currently owned by insiders.

Robinhood Markets Stock Performance

NASDAQ:HOOD opened at $102.91 on Friday. The stock's 50 day moving average price is $103.35 and its 200 day moving average price is $70.95. Robinhood Markets, Inc. has a 52 week low of $18.71 and a 52 week high of $117.70. The company has a market capitalization of $91.45 billion, a P/E ratio of 52.24, a P/E/G ratio of 3.69 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released 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 firm had revenue of $989.00 million for the quarter, compared to the consensus estimate of $893.93 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. The firm's revenue was up 45.0% on a year-over-year basis. As a group, sell-side analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

HOOD has been the topic of a number of research reports. Needham & Company LLC upped their target price on Robinhood Markets from $71.00 to $120.00 and gave the company a "buy" rating in a report on Thursday, July 31st. JMP Securities upped their target price on Robinhood Markets from $125.00 to $130.00 and gave the company a "market outperform" rating in a report on Thursday, July 31st. KeyCorp upped their target price on Robinhood Markets from $60.00 to $110.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Morgan Stanley upped their target price on Robinhood Markets from $43.00 to $110.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Finally, Redburn Atlantic reiterated a "sell" rating and issued a $48.00 target price (up previously from $40.00) on shares of Robinhood Markets in a report on Monday, June 9th. Eleven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $100.31.

Robinhood Markets Company 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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