Cetera Investment Advisers Acquires 175,809 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Cetera Investment Advisers significantly increased its stake in Robinhood Markets by 169.8% in Q1, owning 279,360 shares valued at approximately $11.6 million.
• Robinhood's latest quarterly earnings report revealed an EPS of $0.42, surpassing expectations, with revenue up 45.0% year-over-year to $989 million.
• Institutional ownership of Robinhood Markets is high, with 93.27% of shares held by institutional investors and hedge funds.

Cetera Investment Advisers raised its position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 169.8% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 279,360 shares of the company's stock after buying an additional 175,809 shares during the period. Cetera Investment Advisers' holdings in Robinhood Markets were worth $11,627,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Whipplewood Advisors LLC grew its holdings in Robinhood Markets by 564.4% during the first quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock worth $25,000 after purchasing an additional 508 shares during the period. Wayfinding Financial LLC acquired a new position in shares of Robinhood Markets during the first quarter worth $30,000. CoreCap Advisors LLC increased its holdings in Robinhood Markets by 191.6% in the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company's stock valued at $31,000 after purchasing an additional 550 shares during the period. Colonial Trust Co SC acquired a new stake in Robinhood Markets during the 4th quarter worth about $34,000. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Robinhood Markets by 139.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 854 shares of the company's stock worth $36,000 after acquiring an additional 498 shares during the period. 93.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on HOOD. Compass Point raised their price target on shares of Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Redburn Atlantic reiterated a "sell" rating and issued a $48.00 price objective (up from $40.00) on shares of Robinhood Markets in a research note on Monday, June 9th. Morgan Stanley raised their price target on shares of Robinhood Markets from $43.00 to $110.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Robinhood Markets from $70.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Finally, The Goldman Sachs Group boosted their price target on shares of Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $96.29.

Robinhood Markets Stock Down 3.1%

Shares of NASDAQ HOOD traded down $3.15 during midday trading on Friday, hitting $99.90. The stock had a trading volume of 76,566,177 shares, compared to its average volume of 43,469,824. The company has a market cap of $88.46 billion, a P/E ratio of 50.71, a PEG ratio of 5.19 and a beta of 2.36. The business's 50 day moving average is $86.18 and its 200-day moving average is $61.49. Robinhood Markets, Inc. has a 52 week low of $13.98 and a 52 week high of $113.44.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.30 by $0.12. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.69%. The company 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 firm earned $0.21 earnings per share. The firm's revenue for the quarter was up 45.0% compared to the same quarter last year. As a group, analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Insider Activity

In other news, CEO Vladimir Tenev sold 385,485 shares of the business's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $101.90, for a total value of $39,280,921.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Jeffrey Tsvi Pinner sold 5,864 shares of Robinhood Markets stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $104.73, for a total transaction of $614,136.72. Following the transaction, the chief technology officer directly owned 3,044 shares of the company's stock, valued at approximately $318,798.12. This represents a 65.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,026,690 shares of company stock worth $257,160,102. 14.47% of the stock is currently owned by insiders.

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.