Vestmark Advisory Solutions Inc. Reduces Holdings in Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Vestmark Advisory Solutions Inc. reduced its stake in Robinhood Markets by 36.2%, now owning 288,004 shares valued at approximately $11.99 million.
• In the first quarter, several hedge funds significantly adjusted their positions in Robinhood, with Lord Abbett & Co. LLC increasing its holdings by 852.8%.
• Analysts have recently raised their target prices for Robinhood stock, with Citigroup setting a new target of $120.00 and the average analyst sentiment being a "Moderate Buy."

Vestmark Advisory Solutions Inc. reduced its stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 36.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 288,004 shares of the company's stock after selling 163,573 shares during the quarter. Vestmark Advisory Solutions Inc.'s holdings in Robinhood Markets were worth $11,987,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in HOOD. Lord Abbett & CO. LLC lifted its stake in Robinhood Markets by 852.8% in the first quarter. Lord Abbett & CO. LLC now owns 1,596,117 shares of the company's stock valued at $66,430,000 after buying an additional 1,428,591 shares during the period. Tokio Marine Asset Management Co. Ltd. acquired a new position in Robinhood Markets in the first quarter valued at approximately $886,000. Caitong International Asset Management Co. Ltd lifted its stake in Robinhood Markets by 125.9% in the first quarter. Caitong International Asset Management Co. Ltd now owns 19,201 shares of the company's stock valued at $799,000 after buying an additional 10,703 shares during the period. National Pension Service acquired a new position in Robinhood Markets in the first quarter valued at approximately $35,349,000. Finally, Prudential PLC lifted its stake in Robinhood Markets by 301.9% in the first quarter. Prudential PLC now owns 41,696 shares of the company's stock valued at $1,735,000 after buying an additional 31,320 shares during the period. 93.27% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Robinhood Markets news, CEO Vladimir Tenev sold 750,000 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $93.27, for a total value of $69,952,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $99.97, for a total value of $22,493,250.00. Following the transaction, the insider directly owned 591,887 shares in the company, valued at $59,170,943.39. This represents a 27.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,644,685 shares of company stock worth $430,085,957 over the last 90 days. Company insiders own 14.47% of the company's stock.

Robinhood Markets Stock Performance

NASDAQ:HOOD traded up $3.46 during trading on Friday, reaching $114.17. The company's stock had a trading volume of 32,125,017 shares, compared to its average volume of 42,715,608. The firm has a market cap of $101.46 billion, a price-to-earnings ratio of 57.95, a price-to-earnings-growth ratio of 4.22 and a beta of 2.36. The firm has a 50 day moving average of $95.36 and a 200-day moving average of $66.15. Robinhood Markets, Inc. has a 12 month low of $18.71 and a 12 month high of $117.70.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.12. The firm had revenue of $989.00 million during the quarter, compared to the consensus estimate of $893.93 million. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%. The business's revenue for the quarter was up 45.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 EPS. Equities research analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on HOOD. Needham & Company LLC upped their target price on Robinhood Markets from $71.00 to $120.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Keefe, Bruyette & Woods upped their target price on Robinhood Markets from $89.00 to $106.00 and gave the stock a "market perform" rating in a research report on Thursday, July 31st. Piper Sandler upped their target price on Robinhood Markets from $110.00 to $120.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Barclays upped their target price on Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Finally, The Goldman Sachs Group upped their target price on Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $100.31.

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.