Spire Wealth Management Boosts Holdings in Robinhood Markets, Inc. (NASDAQ:HOOD)

Spire Wealth Management grew its position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 1,197.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,932 shares of the company's stock after acquiring an additional 12,858 shares during the quarter. Spire Wealth Management's holdings in Robinhood Markets were worth $580,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Wealthquest Corp purchased a new position in Robinhood Markets during the 1st quarter valued at $156,193,000. Global Assets Advisory LLC bought a new stake in shares of Robinhood Markets during the first quarter worth $1,257,000. Syquant Capital Sas purchased a new stake in shares of Robinhood Markets during the first quarter valued at $445,000. Balboa Wealth Partners bought a new position in shares of Robinhood Markets in the first quarter worth about $400,000. Finally, Asset Management One Co. Ltd. increased its stake in Robinhood Markets by 24.4% in the 1st quarter. Asset Management One Co. Ltd. now owns 231,721 shares of the company's stock worth $9,644,000 after buying an additional 45,489 shares during the period. Institutional investors own 93.27% of the company's stock.

Robinhood Markets Stock Down 1.8%

HOOD opened at $83.03 on Friday. Robinhood Markets, Inc. has a 52 week low of $13.98 and a 52 week high of $85.55. The business has a 50 day moving average price of $63.85 and a two-hundred day moving average price of $51.57. The company has a market cap of $73.52 billion, a PE ratio of 47.18, a P/E/G ratio of 4.90 and a beta of 2.25.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.04). Robinhood Markets had a return on equity of 15.42% and a net margin of 48.77%. The business had revenue of $927.00 million for the quarter, compared to analysts' expectations of $917.12 million. During the same period last year, the company posted $0.18 earnings per share. The business's quarterly revenue was up 50.0% 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.

Insider Transactions at Robinhood Markets

In related news, Director Baiju Bhatt sold 223,072 shares of Robinhood Markets stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $41.24, for a total transaction of $9,199,489.28. Following the transaction, the director now owns 7,863 shares in the company, valued at approximately $324,270.12. The trade was a 96.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven M. Quirk sold 92,257 shares of the business's stock in a transaction dated 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 transaction, the insider now owns 136,364 shares in the company, valued at approximately $11,585,485.44. This represents a 40.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,472,691 shares of company stock valued at $139,178,726 in the last 90 days. 14.47% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on HOOD. Mizuho increased their price objective on Robinhood Markets from $65.00 to $80.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 17th. Citigroup dropped their price target on Robinhood Markets from $60.00 to $50.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 2nd. Deutsche Bank Aktiengesellschaft raised their price target on Robinhood Markets from $70.00 to $85.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $60.00 price objective on shares of Robinhood Markets in a report on Thursday, March 27th. Finally, Cantor Fitzgerald dropped their target price on shares of Robinhood Markets from $62.00 to $60.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. One equities research 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. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $62.29.

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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