Robinhood Markets, Inc. $HOOD Shares Sold by Tcfg Wealth Management LLC

Key Points

• Tcfg Wealth Management LLC reduced its stake in Robinhood by 44.3%, selling 2,135 shares to hold a total of 2,685 shares worth approximately $251,000 at the end of the last quarter.
• Major institutional investors have made significant moves in Robinhood, with Vanguard Group increasing its stake by 8.6% and acquiring firms like Kingstone Capital Partners investing nearly $1 billion in the company.
• Analyst forecasts for Robinhood have been largely positive, with price targets from several firms increasing significantly, indicating a consensus rating of "Moderate Buy" with an average price target of $113.59.

Tcfg Wealth Management LLC reduced its stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 44.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,685 shares of the company's stock after selling 2,135 shares during the period. Tcfg Wealth Management LLC's holdings in Robinhood Markets were worth $251,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in HOOD. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Robinhood Markets during the second quarter worth $951,479,000. Vanguard Group Inc. lifted its stake in shares of 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 period. AGF Management Ltd. lifted its stake in shares of 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 period. Wealthquest Corp acquired a new stake in shares of Robinhood Markets during the first quarter worth $156,193,000. Finally, Altimeter Capital Management LP acquired a new stake in shares of Robinhood Markets during the first quarter worth $120,103,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Robinhood Markets

In related news, insider Steven M. Quirk sold 60,113 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $100.91, for a total transaction of $6,066,002.83. Following the completion of the sale, the insider owned 94,454 shares of the company's stock, valued at approximately $9,531,353.14. This represents a 38.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of the company's stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $148.34, for a total transaction of $3,708,500.00. Following the sale, the insider directly owned 565,949 shares of the company's stock, valued at approximately $83,952,874.66. This represents a 4.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,675,598 shares of company stock worth $617,385,075 in the last 90 days. 19.95% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Compass Point lifted their price objective 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. Bank of America increased their price target on Robinhood Markets from $139.00 to $157.00 and gave the stock a "buy" rating in a research report on Thursday, October 2nd. Cantor Fitzgerald increased their price target on Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Citigroup increased their price target on Robinhood Markets from $120.00 to $135.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 23rd. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $140.00 price target (up from $120.00) on shares of Robinhood Markets in a research report on Tuesday, September 23rd. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Robinhood Markets has a consensus rating of "Moderate Buy" and a consensus price target of $113.59.

Robinhood Markets Stock Up 0.5%

HOOD stock opened at $145.00 on Wednesday. The stock has a market capitalization of $128.86 billion, a P/E ratio of 73.60, a P/E/G ratio of 4.01 and a beta of 2.42. The firm has a 50-day simple moving average of $116.04 and a 200-day simple moving average of $84.00. Robinhood Markets, Inc. has a 52 week low of $23.00 and a 52 week high of $153.86.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its 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. 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 quarter in the previous year, the company earned $0.21 earnings per share. The company's quarterly revenue was up 45.0% on a year-over-year basis. On average, analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current 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.

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