Sierra Summit Advisors LLC Takes Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Sierra Summit Advisors LLC has acquired 200,677 shares of Robinhood Markets, valued at approximately $8.35 million, making it the 21st largest position in their portfolio.
• Insiders at Robinhood have sold a total of 4.75 million shares worth $436.6 million over the last quarter, with significant sales occurring on August 1st.
• Robinhood's recent earnings report showed 45% year-over-year revenue growth and earnings per share exceeding analysts' estimates, signaling strong financial performance.

Sierra Summit Advisors LLC acquired a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 200,677 shares of the company's stock, valued at approximately $8,352,000. Robinhood Markets makes up about 1.8% of Sierra Summit Advisors LLC's investment portfolio, making the stock its 21st biggest position.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Robinhood Markets by 8.6% during the 1st quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company's stock valued at $3,089,914,000 after purchasing an additional 5,874,701 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Robinhood Markets by 335.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,185,225 shares of the company's stock valued at $193,202,000 after purchasing an additional 3,994,745 shares during the last quarter. Wealthquest Corp bought a new position in shares of Robinhood Markets during the 1st quarter valued at about $156,193,000. AQR Capital Management LLC increased its position in shares of Robinhood Markets by 231.9% during the 4th quarter. AQR Capital Management LLC now owns 5,257,840 shares of the company's stock valued at $195,907,000 after purchasing an additional 3,673,861 shares during the last quarter. Finally, Southpoint Capital Advisors LP bought a new position in shares of Robinhood Markets during the 4th quarter valued at about $130,410,000. Hedge funds and other institutional investors own 93.27% of the company's stock.

Insider Transactions at Robinhood Markets

In other Robinhood Markets news, Director Baiju Bhatt sold 1,568,421 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $99.98, for a total transaction of $156,810,731.58. The transaction was disclosed in a filing with the SEC, 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 that occurred on Friday, August 1st. The stock was sold at an average price of $99.97, for a total value of $22,493,250.00. Following the transaction, the insider owned 591,887 shares in the company, valued at $59,170,943.39. This trade represents a 27.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,752,293 shares of company stock worth $436,586,556 over the last quarter. Insiders own 14.47% of the company's stock.

Robinhood Markets Price Performance

HOOD opened at $114.63 on Friday. The business has a 50 day simple moving average of $91.32 and a two-hundred day simple moving average of $64.00. The firm has a market capitalization of $101.87 billion, a price-to-earnings ratio of 58.19, a PEG ratio of 4.24 and a beta of 2.36. Robinhood Markets, Inc. has a one year low of $17.55 and a one year high of $117.00.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted 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 return on equity of 17.48% and a net margin of 50.13%. The firm 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 business earned $0.21 EPS. The business's revenue for the quarter was up 45.0% on a year-over-year basis. As a group, sell-side analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

HOOD has been the topic of several recent research reports. Piper Sandler increased their price objective on Robinhood Markets from $110.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Compass Point increased their price objective on Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Barclays increased their price objective on Robinhood Markets from $102.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Morgan Stanley increased their target price on Robinhood Markets from $43.00 to $110.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Finally, Redburn Atlantic restated a "sell" rating and set a $48.00 target price (up from $40.00) on shares of Robinhood Markets in a report on Monday, June 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $96.29.

Robinhood Markets 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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