Southpoint Capital Advisors LP Takes $130.41 Million Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Southpoint Capital Advisors LP purchased a new stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 3,500,000 shares of the company's stock, valued at approximately $130,410,000. Robinhood Markets accounts for about 3.1% of Southpoint Capital Advisors LP's holdings, making the stock its 13th biggest holding. Southpoint Capital Advisors LP owned about 0.40% of Robinhood Markets at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. MetLife Investment Management LLC raised its holdings in Robinhood Markets by 1.5% during the fourth quarter. MetLife Investment Management LLC now owns 11,806 shares of the company's stock worth $440,000 after purchasing an additional 171 shares during the last quarter. Dorsey & Whitney Trust CO LLC raised its holdings in Robinhood Markets by 2.4% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 9,867 shares of the company's stock worth $368,000 after purchasing an additional 233 shares during the last quarter. First Horizon Advisors Inc. raised its holdings in Robinhood Markets by 7.8% during the fourth quarter. First Horizon Advisors Inc. now owns 3,822 shares of the company's stock worth $142,000 after purchasing an additional 277 shares during the last quarter. Spire Wealth Management raised its holdings in Robinhood Markets by 104.6% during the fourth quarter. Spire Wealth Management now owns 1,074 shares of the company's stock worth $40,000 after purchasing an additional 549 shares during the last quarter. Finally, CoreCap Advisors LLC raised its holdings in Robinhood Markets by 191.6% during the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company's stock worth $31,000 after purchasing an additional 550 shares during the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

HOOD has been the subject of several research reports. Wolfe Research cut Robinhood Markets from an "outperform" rating to a "peer perform" rating in a report on Tuesday, February 18th. JMP Securities reissued a "market outperform" rating and set a $70.00 price target on shares of Robinhood Markets in a research report on Thursday, May 1st. Cantor Fitzgerald dropped their price target on Robinhood Markets from $62.00 to $60.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Needham & Company LLC raised their price target on Robinhood Markets from $58.00 to $71.00 and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and set a $60.00 price target on shares of Robinhood Markets in a research report on Thursday, March 27th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Robinhood Markets has a consensus rating of "Moderate Buy" and an average price target of $55.41.

Robinhood Markets Stock Up 1.8%

Shares of NASDAQ:HOOD opened at $61.76 on Monday. The company has a market cap of $54.69 billion, a P/E ratio of 39.34, a P/E/G ratio of 1.05 and a beta of 2.15. Robinhood Markets, Inc. has a 52 week low of $13.98 and a 52 week high of $66.91. The business has a fifty day simple moving average of $45.27 and a 200-day simple moving average of $43.79.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced 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 for the quarter, compared to analyst estimates of $917.12 million. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. The business's revenue was up 50.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.18 earnings per share. Sell-side analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Robinhood Markets news, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the company's stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $34.51, for a total transaction of $201,987.03. Following the completion of the sale, the chief technology officer now directly owns 5,853 shares in the company, valued at $201,987.03. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Baiju Bhatt sold 223,528 shares of the company's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $43.21, for a total value of $9,658,644.88. Following the sale, the director now owns 5,042 shares of the company's stock, valued at $217,864.82. This represents a 97.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,947,622 shares of company stock worth $89,994,656 over the last three months. 14.47% of the stock is owned by insiders.

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.

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