Robinhood Markets, Inc. (NASDAQ:HOOD) Shares Bought by IFP Advisors Inc

Key Points

• IFP Advisors Inc increased its stake in Robinhood Markets by 57.3% in the first quarter, now owning 6,915 shares valued at approximately $288,000.
• Insider trading activity included significant sales by directors, with one director selling 418,338 shares for over $31 million, resulting in a 98.16% reduction in ownership.
• Analysts have upgraded Robinhood's stock price targets, with Deutsche Bank raising its target from $70.00 to $85.00 and Goldman Sachs from $91.00 to $104.00, indicating strong investor confidence.

IFP Advisors Inc boosted its holdings in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 57.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,915 shares of the company's stock after buying an additional 2,519 shares during the period. IFP Advisors Inc's holdings in Robinhood Markets were worth $288,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of HOOD. TD Private Client Wealth LLC grew its holdings in shares of Robinhood Markets by 184.4% during the 1st 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 period. Wealthcare Advisory Partners LLC purchased a new stake in Robinhood Markets in the first quarter worth $277,000. Burns Matteson Capital Management LLC bought a new position in Robinhood Markets in the first quarter worth $495,000. Fiduciary Alliance LLC purchased a new position in Robinhood Markets during the first quarter valued at $2,177,000. Finally, Invesco Ltd. boosted its holdings in shares of Robinhood Markets by 132.6% during the 4th quarter. Invesco Ltd. now owns 2,867,595 shares of the company's stock valued at $106,847,000 after buying an additional 1,634,599 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Steven M. Quirk sold 104,887 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $70.14, for a total value of $7,356,774.18. Following the transaction, the insider owned 228,621 shares of the company's stock, valued at $16,035,476.94. This represents a 31.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Baiju Bhatt sold 418,338 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $74.29, for a total transaction of $31,078,330.02. Following the completion of the sale, the director owned 7,863 shares of the company's stock, valued at approximately $584,142.27. This represents a 98.16% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,026,690 shares of company stock valued at $257,160,102. 14.47% of the stock is currently owned by insiders.

Robinhood Markets Stock Performance

Shares of HOOD stock traded up $2.78 during mid-day trading on Wednesday, reaching $106.10. 38,487,292 shares of the company's stock traded hands, compared to its average volume of 47,050,172. The firm has a 50 day moving average price of $85.42 and a two-hundred day moving average price of $61.05. Robinhood Markets, Inc. has a 12 month low of $13.98 and a 12 month high of $113.44. The firm has a market capitalization of $93.95 billion, a PE ratio of 60.28, a price-to-earnings-growth ratio of 5.26 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.30 by $0.12. Robinhood Markets had a net margin of 48.77% and a return on equity of 15.42%. 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 business earned $0.21 earnings per share. As a group, equities analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on HOOD. JMP Securities increased their price target on shares of Robinhood Markets from $70.00 to $125.00 and gave the stock a "market outperform" rating in a research note on Monday, July 14th. KeyCorp boosted their price target on Robinhood Markets from $60.00 to $110.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. The Goldman Sachs Group upped their price target on Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Barclays lifted their price objective on Robinhood Markets from $57.00 to $102.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, Citigroup increased their target price on Robinhood Markets from $50.00 to $100.00 and gave the stock a "neutral" rating in a research note on Monday, July 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $85.29.

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.