Robinhood Markets, Inc. $HOOD Shares Sold by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. significantly reduced its stake in Robinhood Markets, selling 1,718,147 shares during the first quarter, resulting in a 70.5% decrease in their holdings.
• Multiple hedge funds increased their positions in Robinhood, with Tocqueville Asset Management boosting its stake by 372.5%, indicating ongoing investor interest in the company.
• Robinhood reported $0.42 earnings per share for the last quarter, exceeding expectations and showing a substantial revenue increase of 45% year-over-year.

Raymond James Financial Inc. cut its holdings in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 70.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 720,644 shares of the company's stock after selling 1,718,147 shares during the quarter. Raymond James Financial Inc. owned 0.08% of Robinhood Markets worth $29,993,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Whipplewood Advisors LLC increased its holdings in shares of Robinhood Markets by 564.4% during the 1st quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock valued at $25,000 after purchasing an additional 508 shares in the last quarter. Hemington Wealth Management increased its holdings in shares of Robinhood Markets by 52.2% during the 1st quarter. Hemington Wealth Management now owns 636 shares of the company's stock valued at $26,000 after purchasing an additional 218 shares in the last quarter. Wayfinding Financial LLC purchased a new position in shares of Robinhood Markets during the 1st quarter valued at approximately $30,000. CoreCap Advisors LLC increased its holdings in shares of Robinhood Markets by 191.6% during the 4th quarter. CoreCap Advisors LLC now owns 837 shares of the company's stock valued at $31,000 after purchasing an additional 550 shares in the last quarter. Finally, Pandora Wealth Inc. purchased a new position in shares of Robinhood Markets during the 1st quarter valued at approximately $33,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Robinhood Markets

In other Robinhood Markets news, insider Steven M. Quirk sold 40,131 shares of Robinhood Markets stock in a transaction on Tuesday, August 5th. The shares were 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 $12,607,921.68. The trade was a 25.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Baiju Bhatt sold 418,338 shares of Robinhood Markets stock in a transaction on Thursday, August 14th. The stock was 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. Insiders have sold a total of 4,644,685 shares of company stock worth $448,881,884 over the last 90 days. Corporate insiders own 19.95% of the company's stock.

Robinhood Markets Stock Performance

Robinhood Markets stock traded down $4.92 during trading on Wednesday, reaching $103.89. The company had a trading volume of 24,178,346 shares, compared to its average volume of 41,509,465. The firm's 50-day simple moving average is $100.19 and its 200 day simple moving average is $68.95. Robinhood Markets, Inc. has a 1-year low of $18.71 and a 1-year high of $117.70. The firm has a market capitalization of $92.32 billion, a PE ratio of 53.03, a price-to-earnings-growth ratio of 3.96 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, topping 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 company had revenue of $989.00 million for the quarter, compared to analysts' expectations of $893.93 million. During the same quarter in the previous year, the company posted $0.21 EPS. The firm's quarterly revenue was up 45.0% on a year-over-year basis. Analysts anticipate that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Analysts Set New Price Targets

HOOD has been the subject of several recent research reports. Citigroup lifted their target price on shares of Robinhood Markets from $100.00 to $120.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. JPMorgan Chase & Co. lifted their target price on shares of Robinhood Markets from $44.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Cantor Fitzgerald lifted their target price on shares of Robinhood Markets from $100.00 to $118.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Keefe, Bruyette & Woods lifted their price target on shares of Robinhood Markets from $89.00 to $106.00 and gave the company a "market perform" rating in a research note on Thursday, July 31st. Finally, The Goldman Sachs Group lifted their price target on shares of Robinhood Markets from $91.00 to $104.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Eleven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $100.31.

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.