Titleist Asset Management LLC Sells 9,653 Shares of Robinhood Markets, Inc. $HOOD

Key Points

• Titleist Asset Management LLC reduced its stake in Robinhood Markets by 30.6% during the first quarter, selling 9,653 shares and holding 21,892 shares worth approximately $911,000.
• A number of analysts have raised their target prices for Robinhood Markets, with Citigroup estimating a price increase from $100 to $120, while Compass Point set their target at $96, maintaining a "buy" rating.
• Insiders at Robinhood have sold over 5.8 million shares in the last quarter, valued at about $570.8 million, indicating significant insider activity within the company.

Titleist Asset Management LLC trimmed its stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 30.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,892 shares of the company's stock after selling 9,653 shares during the quarter. Titleist Asset Management LLC's holdings in Robinhood Markets were worth $911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC raised its position in shares of Robinhood Markets by 6.4% during the first quarter. HighTower Advisors LLC now owns 50,264 shares of the company's stock worth $2,092,000 after acquiring an additional 3,032 shares during the last quarter. TD Private Client Wealth LLC raised its position in shares of Robinhood Markets by 184.4% during the first quarter. TD Private Client Wealth LLC now owns 1,829 shares of the company's stock worth $76,000 after acquiring an additional 1,186 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Robinhood Markets by 3.1% during the first quarter. Wellington Management Group LLP now owns 16,261 shares of the company's stock worth $677,000 after acquiring an additional 486 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Robinhood Markets by 125.9% during the first quarter. Caitong International Asset Management Co. Ltd now owns 19,201 shares of the company's stock worth $799,000 after acquiring an additional 10,703 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC bought a new position in shares of Robinhood Markets during the first quarter worth about $277,000. 93.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

HOOD has been the subject of several recent analyst reports. JMP Securities raised their target price on Robinhood Markets from $125.00 to $130.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 31st. Redburn Atlantic reaffirmed a "sell" rating and set a $48.00 target price (up previously from $40.00) on shares of Robinhood Markets in a research note on Monday, June 9th. The Goldman Sachs Group raised their target price on Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Citigroup raised their target price on Robinhood Markets from $100.00 to $120.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Robinhood Markets from $70.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Eleven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $100.31.

Robinhood Markets Stock Performance

Robinhood Markets stock traded down $0.02 during mid-day trading on Wednesday, reaching $100.82. The stock had a trading volume of 23,716,615 shares, compared to its average volume of 41,270,715. Robinhood Markets, Inc. has a fifty-two week low of $18.71 and a fifty-two week high of $117.70. The stock's 50-day simple moving average is $102.62 and its 200-day simple moving average is $70.48. The firm has a market capitalization of $89.60 billion, a PE ratio of 51.18, a price-to-earnings-growth ratio of 3.81 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 EPS for the quarter, beating 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 return on equity of 17.48% and a net margin of 50.13%.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 firm posted $0.21 earnings per share. On average, research analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Activity at Robinhood Markets

In related news, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of Robinhood Markets stock in a transaction on Friday, August 1st. The stock was sold at an average price of $99.97, for a total transaction of $22,493,250.00. Following the sale, the insider directly owned 591,887 shares in the company, valued at approximately $59,170,943.39. This trade represents a 27.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Meyer Malka sold 1,093,288 shares of Robinhood Markets stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $103.87, for a total value of $113,559,824.56. Following the sale, the director owned 3,976,234 shares in the company, valued at $413,011,425.58. This trade represents a 21.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,688,606 shares of company stock valued at $561,670,429 over the last 90 days. Corporate insiders own 19.95% of the company's stock.

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.