Robinhood Markets, Inc. $HOOD Stock Holdings Lessened by BOCHK Asset Management Ltd

Key Points

• BOCHK Asset Management Ltd has significantly reduced its stake in Robinhood Markets, cutting its holdings by 97.2% during Q2, from 500,000 shares to about 13,800 shares.
• Insiders, including CTO Jeffrey Pinner and Steven M. Quirk, have sold large amounts of Robinhood's stock recently, indicating a 24.76% and 38.89% decrease in their ownership respectively.
• Despite the insider sales, several equities analysts have raised their target prices for Robinhood, with JMP Securities and Goldman Sachs adjusting their ratings to "market outperform" and "buy", respectively.

BOCHK Asset Management Ltd trimmed its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 97.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,800 shares of the company's stock after selling 486,172 shares during the period. Robinhood Markets makes up approximately 0.4% of BOCHK Asset Management Ltd's holdings, making the stock its 8th biggest holding. BOCHK Asset Management Ltd's holdings in Robinhood Markets were worth $1,292,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of HOOD. Wellington Management Group LLP purchased a new stake in shares of Robinhood Markets during the 4th quarter worth approximately $588,000. MassMutual Private Wealth & Trust FSB increased its position in shares of Robinhood Markets by 139.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 854 shares of the company's stock valued at $36,000 after purchasing an additional 498 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Robinhood Markets by 5,733.0% during the 1st quarter. GAMMA Investing LLC now owns 341,700 shares of the company's stock valued at $14,222,000 after purchasing an additional 335,842 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Robinhood Markets by 19.1% during the 1st quarter. Parallel Advisors LLC now owns 3,798 shares of the company's stock valued at $158,000 after purchasing an additional 609 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of Robinhood Markets by 5.0% during the 1st quarter. Rhumbline Advisers now owns 784,187 shares of the company's stock valued at $32,638,000 after purchasing an additional 37,640 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Robinhood Markets

In related news, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the firm's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $124.13, for a total transaction of $727,898.32. Following the sale, the chief technology officer owned 17,816 shares of the company's stock, valued at $2,211,500.08. This trade represents a 24.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Steven M. Quirk sold 60,113 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $100.91, for a total value of $6,066,002.83. Following the sale, the insider directly owned 94,454 shares in the company, valued at approximately $9,531,353.14. The trade was a 38.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,906,462 shares of company stock valued at $509,427,417 over the last 90 days. Company insiders own 14.47% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on HOOD shares. JMP Securities boosted their target price on Robinhood Markets from $125.00 to $130.00 and gave the company a "market outperform" rating in a research report on Thursday, July 31st. The Goldman Sachs Group upped their price objective on Robinhood Markets from $134.00 to $152.00 and gave the company a "buy" rating in a research report on Tuesday. Mizuho lifted their target price on Robinhood Markets from $120.00 to $145.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 10th. Needham & Company LLC boosted their target price on shares of Robinhood Markets from $120.00 to $145.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods boosted their target price 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. Eleven equities research 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 stock has a consensus rating of "Moderate Buy" and a consensus target price of $110.88.

Robinhood Markets Trading Down 2.8%

HOOD opened at $139.14 on Thursday. Robinhood Markets, Inc. has a 12-month low of $22.05 and a 12-month high of $143.62. The business's fifty day simple moving average is $112.70 and its 200-day simple moving average is $80.86. The company has a market capitalization of $123.65 billion, a price-to-earnings ratio of 70.63, a PEG ratio of 5.10 and a beta of 2.42.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.30 by $0.12. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%.The business had revenue of $989.00 million for the quarter, compared to the consensus estimate of $893.93 million. During the same quarter in the prior year, the company earned $0.21 EPS. The business's revenue was up 45.0% compared to the same quarter last year. On average, equities research analysts predict 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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