Envestnet Portfolio Solutions Inc. Acquires 3,107 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Envestnet Portfolio Solutions Inc. increased its position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 36.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,537 shares of the company's stock after buying an additional 3,107 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Robinhood Markets were worth $480,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. raised its position in shares of Robinhood Markets by 170.7% during the fourth quarter. Principal Financial Group Inc. now owns 116,732 shares of the company's stock worth $4,349,000 after purchasing an additional 73,607 shares during the period. Truist Financial Corp raised its position in shares of Robinhood Markets by 26.9% during the fourth quarter. Truist Financial Corp now owns 42,745 shares of the company's stock worth $1,593,000 after purchasing an additional 9,049 shares during the period. IFP Advisors Inc raised its position in shares of Robinhood Markets by 601.1% during the fourth quarter. IFP Advisors Inc now owns 4,396 shares of the company's stock worth $164,000 after purchasing an additional 3,769 shares during the period. Bank of New York Mellon Corp raised its position in shares of Robinhood Markets by 4.8% during the fourth quarter. Bank of New York Mellon Corp now owns 2,549,758 shares of the company's stock worth $95,004,000 after purchasing an additional 117,342 shares during the period. Finally, NewEdge Wealth LLC acquired a new position in Robinhood Markets during the fourth quarter valued at $1,221,000. Institutional investors and hedge funds own 93.27% of the company's stock.

Insider Transactions at Robinhood Markets

In other news, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $34.51, for a total value of $201,987.03. Following the completion of the transaction, the chief technology officer now directly owns 5,853 shares of the company's stock, valued at approximately $201,987.03. This represents a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $41.96, for a total value of $31,470,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,472,691 shares of company stock valued at $139,178,726. Corporate insiders own 14.47% of the company's stock.

Robinhood Markets Stock Down 1.8%

Robinhood Markets stock traded down $1.49 during trading hours on Friday, hitting $83.03. The stock had a trading volume of 36,890,636 shares, compared to its average volume of 28,105,863. The company has a 50-day moving average of $63.85 and a two-hundred day moving average of $51.57. The company has a market cap of $73.52 billion, a PE ratio of 47.18, a price-to-earnings-growth ratio of 4.90 and a beta of 2.25. Robinhood Markets, Inc. has a fifty-two week low of $13.98 and a fifty-two week high of $85.55.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.04). The firm had revenue of $927.00 million during the quarter, compared to analyst estimates of $917.12 million. Robinhood Markets had a net margin of 48.77% and a return on equity of 15.42%. The company's revenue was up 50.0% on a year-over-year basis. During the same period last year, the company earned $0.18 EPS. As a group, analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on HOOD. Morgan Stanley upped their price target on Robinhood Markets from $40.00 to $43.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 13th. Mizuho upped their price target on Robinhood Markets from $65.00 to $80.00 and gave the company an "outperform" rating in a research report on Tuesday, June 17th. Deutsche Bank Aktiengesellschaft upped their price target on Robinhood Markets from $70.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Needham & Company LLC restated a "buy" rating and issued a $71.00 target price on shares of Robinhood Markets in a research note on Tuesday, May 27th. Finally, Cantor Fitzgerald lowered their target price on Robinhood Markets from $62.00 to $60.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, Robinhood Markets presently has a consensus rating of "Moderate Buy" and a consensus target price of $62.29.

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.