Robinhood Markets, Inc. $HOOD Shares Sold by ICONIQ Capital LLC

Key Points

• ICONIQ Capital LLC reduced its stake in Robinhood Markets by 0.7%, selling 8,074 shares during the first quarter, while still holding approximately 1.175 million shares valued at around $48.9 million.
• Robinhood's shares have seen significant analyst upgrades recently, with price targets raised by firms like Piper Sandler and Citigroup, reflecting an average rating of "Moderate Buy" across the board.
• The company's recent quarterly earnings were strong, reporting $0.42 earnings per share and a 45% year-over-year increase in revenue, outperforming analyst expectations.

ICONIQ Capital LLC decreased its stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 0.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,175,483 shares of the company's stock after selling 8,074 shares during the quarter. Robinhood Markets makes up 0.9% of ICONIQ Capital LLC's holdings, making the stock its 12th biggest position. ICONIQ Capital LLC owned about 0.13% of Robinhood Markets worth $48,924,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. TD Private Client Wealth LLC lifted its stake in shares of Robinhood Markets by 184.4% in the first quarter. TD Private Client Wealth LLC now owns 1,829 shares of the company's stock worth $76,000 after buying an additional 1,186 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in shares of Robinhood Markets by 125.9% in the first quarter. Caitong International Asset Management Co. Ltd now owns 19,201 shares of the company's stock worth $799,000 after buying an additional 10,703 shares in the last quarter. Wealthcare Advisory Partners LLC purchased a new position in shares of Robinhood Markets in the first quarter worth about $277,000. Burns Matteson Capital Management LLC purchased a new position in shares of Robinhood Markets in the first quarter worth about $495,000. Finally, Deutsche Bank AG lifted its stake in shares of Robinhood Markets by 137.6% in the first quarter. Deutsche Bank AG now owns 1,761,767 shares of the company's stock worth $73,325,000 after buying an additional 1,020,286 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Robinhood Markets Price Performance

Shares of HOOD opened at $109.32 on Friday. Robinhood Markets, Inc. has a 1-year low of $18.71 and a 1-year high of $117.70. The stock has a market cap of $97.15 billion, a PE ratio of 55.49, a P/E/G ratio of 4.01 and a beta of 2.36. The firm has a 50-day simple moving average of $98.88 and a two-hundred day simple moving average of $68.20.

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 analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $893.93 million. During the same period last year, the business earned $0.21 earnings per share. The business's revenue for the quarter was up 45.0% on a year-over-year basis. As a group, sell-side analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on HOOD. Piper Sandler raised their price target on shares of Robinhood Markets from $110.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. raised their price target on shares of Robinhood Markets from $44.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Compass Point lifted their target price on shares of Robinhood Markets from $64.00 to $96.00 and gave the stock a "buy" rating in a research note on Friday, June 27th. Cantor Fitzgerald lifted their target price on shares of Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Finally, Citigroup lifted their target price on shares of Robinhood Markets from $100.00 to $120.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Eleven equities 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's stock. According to MarketBeat, Robinhood Markets presently has an average rating of "Moderate Buy" and an average target price of $100.31.

Insider Buying and Selling at Robinhood Markets

In other Robinhood Markets news, CEO Vladimir Tenev sold 385,485 shares of Robinhood Markets stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $101.90, for a total transaction of $39,280,921.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Baiju Bhatt sold 418,338 shares of Robinhood Markets stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $109.39, for a total transaction of $45,761,993.82. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,644,685 shares of company stock valued at $448,881,884. 14.47% of the stock is currently owned by company insiders.

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.

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