Southpoint Capital Advisors LP Reduces Stock Position in Robinhood Markets, Inc. $HOOD

Key Points

• Southpoint Capital Advisors LP reduced its holdings in Robinhood Markets by 28.6%, bringing their total shares down to 2.5 million, which represents 2.5% of their portfolio.
• Recent insights show a significant increase in investments from other firms, with Whipplewood Advisors LLC increasing their position in Robinhood by 564.4% during the last quarter.
• Robinhood Markets reported earnings of $0.42 per share, exceeding estimates of $0.30, with revenues increasing 45% compared to the previous year, reaching $989 million.

Southpoint Capital Advisors LP lessened its stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 28.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,500,000 shares of the company's stock after selling 1,000,000 shares during the period. Robinhood Markets accounts for approximately 2.5% of Southpoint Capital Advisors LP's portfolio, making the stock its 21st biggest position. Southpoint Capital Advisors LP owned about 0.28% of Robinhood Markets worth $104,050,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. HighTower Advisors LLC raised its holdings in shares of Robinhood Markets by 6.4% during the 1st quarter. HighTower Advisors LLC now owns 50,264 shares of the company's stock worth $2,092,000 after acquiring an additional 3,032 shares during the period. TD Private Client Wealth LLC raised its holdings in Robinhood Markets by 184.4% in the 1st quarter. TD Private Client Wealth LLC now owns 1,829 shares of the company's stock valued at $76,000 after buying an additional 1,186 shares during the period. Wellington Management Group LLP raised its holdings in Robinhood Markets by 3.1% in the 1st quarter. Wellington Management Group LLP now owns 16,261 shares of the company's stock valued at $677,000 after buying an additional 486 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in Robinhood Markets by 125.9% in the 1st 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. Finally, Wealthcare Advisory Partners LLC purchased a new stake in Robinhood Markets in the 1st quarter valued at about $277,000. Hedge funds and other institutional investors own 93.27% of the company's stock.

Insider Transactions at Robinhood Markets

In other news, insider Steven M. Quirk sold 92,257 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $84.96, for a total value of $7,838,154.72. Following the completion of the transaction, the insider owned 136,364 shares in the company, valued at $11,585,485.44. This trade represents a 40.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of the firm'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 completion of the transaction, the insider owned 591,887 shares of the company's stock, valued at approximately $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 a total of 5,682,741 shares of company stock valued at $561,239,411 in the last three months. Insiders own 14.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on HOOD shares. JMP Securities boosted their price objective on shares of Robinhood Markets from $125.00 to $130.00 and gave the company a "market outperform" rating in a report on Thursday, July 31st. Citigroup lifted their target price on Robinhood Markets from $100.00 to $120.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Compass Point lifted their target price 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 lifted their target price on Robinhood Markets from $102.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Finally, Mizuho lifted their target price on Robinhood Markets from $99.00 to $120.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Eleven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $100.31.

Robinhood Markets Stock Down 1.6%

HOOD traded down $1.66 on Friday, reaching $101.25. The company's stock had a trading volume of 55,273,511 shares, compared to its average volume of 41,292,816. Robinhood Markets, Inc. has a fifty-two week low of $18.71 and a fifty-two week high of $117.70. The stock has a 50 day moving average of $103.35 and a two-hundred day moving average of $70.95. The company has a market capitalization of $89.98 billion, a price-to-earnings ratio of 51.40, a P/E/G ratio of 3.69 and a beta of 2.36.

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

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.