State of New Jersey Common Pension Fund D Has $8.78 Million Stock Holdings in Robinhood Markets, Inc. $HOOD

Key Points

• The State of New Jersey Common Pension Fund D increased its stake in Robinhood Markets, acquiring an additional 9,278 shares, leading to a total hold of 210,912 shares valued at approximately $8.78 million.
• Several brokerages have recently adjusted their price targets for Robinhood, with KeyCorp raising its target from $60 to $110, while Piper Sandler increased it from $110 to $120, reflecting a consensus rating of "Moderate Buy".
• Insider activity shows significant selling, with CEO Vladimir Tenev and another insider selling a combined 975,000 shares worth over $92 million in recent transactions.

State of New Jersey Common Pension Fund D boosted its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 4.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 210,912 shares of the company's stock after buying an additional 9,278 shares during the period. State of New Jersey Common Pension Fund D's holdings in Robinhood Markets were worth $8,778,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Whipplewood Advisors LLC raised its holdings in Robinhood Markets by 564.4% in the first quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock worth $25,000 after purchasing an additional 508 shares during the period. Hemington Wealth Management raised its holdings in Robinhood Markets by 52.2% in the first quarter. Hemington Wealth Management now owns 636 shares of the company's stock worth $26,000 after purchasing an additional 218 shares during the period. Wayfinding Financial LLC acquired a new stake in Robinhood Markets in the first quarter worth $30,000. CoreCap Advisors LLC raised its holdings in Robinhood Markets by 191.6% in 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 period. Finally, Pandora Wealth Inc. acquired a new stake in Robinhood Markets in the first quarter worth $33,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Robinhood Markets

In other news, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of Robinhood Markets stock in a transaction dated 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 $59,170,943.39. This trade represents a 27.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Baiju Bhatt sold 1,568,421 shares of Robinhood Markets stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $99.98, for a total transaction of $156,810,731.58. The disclosure for this sale can be found here. Insiders sold a total of 4,644,685 shares of company stock worth $448,881,884 in the last three months. 14.47% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Piper Sandler boosted 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. Keefe, Bruyette & Woods boosted their price objective on Robinhood Markets from $89.00 to $106.00 and gave the company a "market perform" rating in a research report on Thursday, July 31st. Redburn Atlantic restated a "sell" rating and set a $48.00 price objective (up from $40.00) on shares of Robinhood Markets in a report on Monday, June 9th. Barclays raised their price objective on shares of Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Finally, Citigroup raised their price objective on shares of Robinhood Markets from $100.00 to $120.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Eleven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Robinhood Markets presently has a consensus rating of "Moderate Buy" and an average price target of $100.31.

Robinhood Markets Stock Performance

Robinhood Markets stock traded down $2.9710 during mid-day trading on Wednesday, reaching $104.5290. The company's stock had a trading volume of 47,885,893 shares, compared to its average volume of 41,789,492. The company has a market capitalization of $92.89 billion, a price-to-earnings ratio of 53.12, a price-to-earnings-growth ratio of 4.39 and a beta of 2.36. Robinhood Markets, Inc. has a 12 month low of $18.71 and a 12 month high of $117.70. The business's 50 day simple moving average is $96.89 and its 200 day simple moving average is $67.07.

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