Robinhood Markets, Inc. $HOOD Shares Bought by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC increased its stake in Robinhood Markets by 528.8%, acquiring an additional 55,419 shares, bringing its total holdings to 65,899 shares valued at approximately $6.17 million.
• Insider trading activity revealed that Robinhood's CTO, Jeffrey Tsvi Pinner, sold 5,864 shares, resulting in a 24.76% decrease in his position, while another insider, Steven M. Quirk, sold 60,113 shares, reflecting a 38.89% reduction in his holdings.
• Robinhood recently reported earnings of $0.42 per share for the last quarter, exceeding analysts' expectations, with quarterly revenue rising 45% year-over-year, indicating strong financial performance.

DAVENPORT & Co LLC raised its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 528.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 65,899 shares of the company's stock after purchasing an additional 55,419 shares during the period. DAVENPORT & Co LLC's holdings in Robinhood Markets were worth $6,170,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in HOOD. Kingstone Capital Partners Texas LLC purchased a new position in shares of Robinhood Markets in the second quarter valued at approximately $951,479,000. Vanguard Group Inc. lifted its position in shares of Robinhood Markets by 8.6% in the first quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company's stock valued at $3,089,914,000 after acquiring an additional 5,874,701 shares in the last quarter. AGF Management Ltd. lifted its position in shares of Robinhood Markets by 286.0% in the first quarter. AGF Management Ltd. now owns 5,743,715 shares of the company's stock valued at $239,053,000 after acquiring an additional 4,255,862 shares in the last quarter. Wealthquest Corp purchased a new position in shares of Robinhood Markets in the first quarter valued at approximately $156,193,000. Finally, Altimeter Capital Management LP purchased a new position in shares of Robinhood Markets in the first quarter valued at approximately $120,103,000. Hedge funds and other institutional investors own 93.27% of the company's stock.

Insider Activity

In related news, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the firm's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $124.13, for a total transaction of $727,898.32. Following the completion of the sale, the chief technology officer directly owned 17,816 shares of the company's stock, valued at approximately $2,211,500.08. This trade represents a 24.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven M. Quirk sold 60,113 shares of Robinhood Markets stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $100.91, for a total value of $6,066,002.83. Following the completion of the sale, the insider directly owned 94,454 shares of the company's stock, valued at $9,531,353.14. The trade was a 38.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,675,598 shares of company stock worth $617,385,075. 19.95% of the stock is currently owned by corporate insiders.

Robinhood Markets Trading Up 0.5%

Shares of NASDAQ:HOOD opened at $145.00 on Wednesday. The business has a 50-day moving average price of $116.04 and a 200 day moving average price of $84.00. The company has a market capitalization of $128.86 billion, a price-to-earnings ratio of 73.60, a PEG ratio of 4.01 and a beta of 2.42. Robinhood Markets, Inc. has a 12-month low of $23.00 and a 12-month high of $153.86.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.30 by $0.12. The firm had revenue of $989.00 million during the quarter, compared to the consensus estimate of $893.93 million. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%.The company's quarterly revenue was up 45.0% on a year-over-year basis. During the same period last year, the company earned $0.21 EPS. As a group, equities research analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. KeyCorp raised their target price on Robinhood Markets from $60.00 to $110.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Citigroup lifted their price objective on Robinhood Markets from $120.00 to $135.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 23rd. Compass Point lifted their price objective on Robinhood Markets from $64.00 to $96.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. Keefe, Bruyette & Woods lifted their price objective on Robinhood Markets from $89.00 to $106.00 and gave the stock a "market perform" rating in a research report on Thursday, July 31st. Finally, Cantor Fitzgerald lifted their price objective on Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $113.59.

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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