1832 Asset Management L.P. Trims Stock Holdings in Robinhood Markets, Inc. $HOOD

Key Points

• 1832 Asset Management L.P. reduced its stake in Robinhood Markets by 25.5%, selling 18,014 shares, which left them with 52,686 shares valued at approximately $2.19 million.
• Despite 1832's reduction, several other large investors significantly increased their positions in Robinhood, indicating mixed investor sentiment, with institutional investors owning about 93.27% of the stock.
• Robinhood reported earnings of $0.42 per share for the last quarter, surpassing expectations and showing a 45% year-over-year revenue growth, with a net margin of 50.13%.

1832 Asset Management L.P. cut its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 25.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 52,686 shares of the company's stock after selling 18,014 shares during the quarter. 1832 Asset Management L.P.'s holdings in Robinhood Markets were worth $2,193,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in HOOD. Estate Counselors LLC acquired a new position in shares of Robinhood Markets in the first quarter valued at approximately $2,969,000. Atika Capital Management LLC acquired a new stake in shares of Robinhood Markets in the 1st quarter valued at about $5,952,000. Candriam S.C.A. acquired a new stake in shares of Robinhood Markets in the 1st quarter valued at about $1,887,000. TFB Advisors LLC acquired a new stake in shares of Robinhood Markets in the 1st quarter valued at about $316,000. Finally, Banco BTG Pactual S.A. acquired a new stake in shares of Robinhood Markets in the 1st quarter valued at about $312,000. Institutional investors and hedge funds own 93.27% of the company's stock.

Robinhood Markets Price Performance

Shares of HOOD stock traded up $0.77 on Thursday, reaching $103.69. 25,978,086 shares of the company were exchanged, compared to its average volume of 41,495,508. 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 $92.15 billion, a price-to-earnings ratio of 52.63, a PEG ratio of 3.99 and a beta of 2.36. The company has a 50-day moving average of $100.68 and a 200-day moving average of $69.18.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly 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 net margin of 50.13% and a return on equity of 17.48%. The business had revenue of $989.00 million for the quarter, compared to analysts' expectations of $893.93 million. During the same quarter last year, the firm earned $0.21 EPS. The firm's revenue for the quarter was up 45.0% compared to the same quarter last year. As a group, sell-side analysts predict that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on HOOD. The Goldman Sachs Group lifted their price target on Robinhood Markets from $91.00 to $104.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Deutsche Bank Aktiengesellschaft lifted their target price on Robinhood Markets from $70.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Piper Sandler increased their price objective on shares of Robinhood Markets from $110.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Mizuho upped their price objective on Robinhood Markets from $99.00 to $120.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Finally, KeyCorp raised their price target on shares of Robinhood Markets from $60.00 to $110.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. 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, Robinhood Markets currently has a consensus rating of "Moderate Buy" and a consensus target price of $100.31.

Insider Transactions at Robinhood Markets

In other Robinhood Markets news, CEO Vladimir Tenev sold 385,485 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $101.90, for a total value of $39,280,921.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven M. Quirk sold 40,131 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $104.71, for a total transaction of $4,202,117.01. Following the sale, the insider owned 120,408 shares of the company's stock, valued at approximately $12,607,921.68. The trade was a 25.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,644,685 shares of company stock worth $448,881,884. Company insiders own 14.47% of the company's stock.

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.