Assenagon Asset Management S.A. Sells 1,417,814 Shares of Robinhood Markets, Inc. $HOOD

Key Points

• Assenagon Asset Management S.A. reduced its stake in Robinhood Markets by 59.1% in the second quarter, resulting in ownership of approximately 0.11% of the company with shares valued at $91,734,000.
• Robinhood Markets reported a 45.0% year-over-year increase in revenue for its latest quarter, achieving earnings of $0.42 EPS, beating analysts' expectations of $0.30.
• Research firms have mixed ratings for Robinhood's stock, with a consensus rating of "Moderate Buy" and a target price of $101.88, while Citigroup has raised their target price to $120.00.

Assenagon Asset Management S.A. lessened its stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 59.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 979,753 shares of the company's stock after selling 1,417,814 shares during the period. Assenagon Asset Management S.A. owned about 0.11% of Robinhood Markets worth $91,734,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of HOOD. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Robinhood Markets during the second quarter worth $951,479,000. Vanguard Group Inc. increased its position in Robinhood Markets by 8.6% during the first quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company's stock worth $3,089,914,000 after buying an additional 5,874,701 shares during the last quarter. AGF Management Ltd. increased its position in Robinhood Markets by 286.0% during the first quarter. AGF Management Ltd. now owns 5,743,715 shares of the company's stock worth $239,053,000 after buying an additional 4,255,862 shares during the last quarter. Wealthquest Corp acquired a new position in Robinhood Markets during the first quarter worth $156,193,000. Finally, Altimeter Capital Management LP acquired a new position in Robinhood Markets during the first quarter worth $120,103,000. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Robinhood Markets news, insider Steven M. Quirk sold 92,257 shares of the firm's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $84.96, for a total transaction of $7,838,154.72. Following the completion of the transaction, the insider owned 136,364 shares in the company, valued at $11,585,485.44. This trade represents a 40.35% 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, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of Robinhood Markets stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $99.97, for a total transaction of $22,493,250.00. Following the completion of the transaction, the insider owned 591,887 shares of the company's stock, valued at $59,170,943.39. This trade represents a 27.54% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,767,855 shares of company stock valued at $588,837,174. 19.95% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on HOOD shares. Barclays increased their target price on shares of Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Morgan Stanley increased their target price on shares of Robinhood Markets from $43.00 to $110.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Deutsche Bank Aktiengesellschaft raised their price target on Robinhood Markets from $70.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Compass Point raised their price target on Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Finally, Mizuho raised their price target on Robinhood Markets from $120.00 to $145.00 and gave the company an "outperform" rating in a research report on Wednesday, September 10th. Eleven research 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. Based on data from MarketBeat, Robinhood Markets currently has a consensus rating of "Moderate Buy" and an average target price of $104.06.

Robinhood Markets Stock Up 0.6%

HOOD traded up $0.78 during midday trading on Tuesday, reaching $125.67. 20,441,502 shares of the company's stock were exchanged, compared to its average volume of 42,305,820. The firm has a market capitalization of $111.68 billion, a price-to-earnings ratio of 63.82, a price-to-earnings-growth ratio of 4.62 and a beta of 2.36. Robinhood Markets, Inc. has a one year low of $22.05 and a one year high of $127.78. The business has a 50-day simple moving average of $108.90 and a two-hundred day simple moving average of $76.89.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.42 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 analysts' expectations of $893.93 million. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.48%. The company's revenue for the quarter was up 45.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.21 earnings per share. As a group, research analysts anticipate that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

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.