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

Key Points

• Udine Wealth Management Inc. has reduced its stake in Robinhood Markets by 33.9%, selling a total of 27,700 shares and now holding about 3.0% of its investment portfolio in Robinhood.
• Multiple brokerages have issued optimistic price targets for Robinhood, with Goldman Sachs raising its target from $134.00 to $152.00, and Piper Sandler maintaining an "overweight" rating with a target of $140.00.
• Insider activity has seen significant sales, including the company's CTO selling 5,864 shares and a director selling 418,338 shares, indicating active trading by executives.

Udine Wealth Management Inc. reduced its stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 33.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,040 shares of the company's stock after selling 27,700 shares during the period. Robinhood Markets accounts for about 3.0% of Udine Wealth Management Inc.'s investment portfolio, making the stock its 9th biggest holding. Udine Wealth Management Inc.'s holdings in Robinhood Markets were worth $5,060,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. True Vision MN LLC boosted its stake in Robinhood Markets by 1.7% in the second quarter. True Vision MN LLC now owns 6,858 shares of the company's stock valued at $642,000 after acquiring an additional 116 shares during the period. Hemington Wealth Management boosted its stake in Robinhood Markets by 22.5% in the second quarter. Hemington Wealth Management now owns 779 shares of the company's stock valued at $72,000 after acquiring an additional 143 shares during the period. Ballentine Partners LLC boosted its stake in Robinhood Markets by 2.3% in the second quarter. Ballentine Partners LLC now owns 6,624 shares of the company's stock valued at $620,000 after acquiring an additional 148 shares during the period. REAP Financial Group LLC boosted its stake in Robinhood Markets by 44.1% in the second quarter. REAP Financial Group LLC now owns 523 shares of the company's stock valued at $49,000 after acquiring an additional 160 shares during the period. Finally, Cigna Investments Inc. New boosted its stake in Robinhood Markets by 2.7% in the first quarter. Cigna Investments Inc. New now owns 6,730 shares of the company's stock valued at $280,000 after acquiring an additional 174 shares during the period. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on HOOD. Piper Sandler restated an "overweight" rating and issued a $140.00 target price (up from $120.00) on shares of Robinhood Markets in a research note on Tuesday, September 23rd. The Goldman Sachs Group boosted their price objective on Robinhood Markets from $134.00 to $152.00 and gave the stock a "buy" rating in a research report on Tuesday, September 30th. Citigroup boosted their price objective on Robinhood Markets from $120.00 to $135.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 23rd. Bank of America boosted their price objective on Robinhood Markets from $139.00 to $157.00 and gave the stock a "buy" rating in a research report on Thursday, October 2nd. Finally, Compass Point boosted their price objective on Robinhood Markets from $64.00 to $96.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. Twelve investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $118.94.

Insider Activity

In other Robinhood Markets news, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the company's stock in a transaction on Monday, October 6th. The stock was sold at an average price of $147.53, for a total value of $865,115.92. Following the transaction, the chief technology officer owned 11,952 shares of the company's stock, valued at approximately $1,763,278.56. This represents a 32.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Baiju Bhatt sold 418,338 shares of the company's stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $119.42, for a total value of $49,957,923.96. The disclosure for this sale can be found here. Insiders have sold 5,681,122 shares of company stock valued at $618,215,681 over the last 90 days. Corporate insiders own 14.47% of the company's stock.

Robinhood Markets Price Performance

Shares of NASDAQ:HOOD opened at $138.96 on Friday. Robinhood Markets, Inc. has a 12 month low of $23.00 and a 12 month high of $153.86. The stock has a market cap of $123.49 billion, a price-to-earnings ratio of 70.54, a PEG ratio of 3.86 and a beta of 2.42. The stock's 50 day moving average price is $118.70 and its 200 day moving average price is $86.09.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.30 by $0.12. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%.The firm 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 earned $0.21 earnings per share. The firm's quarterly revenue was up 45.0% compared to the same quarter last year. On average, sell-side analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Robinhood Markets Company 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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