State Street Corp Grows Position in Robinhood Markets, Inc. $HOOD

Key Points

• State Street Corp increased its Robinhood stake by 2.7% in the fourth quarter, adding 875,297 shares and bringing its total to 33.1 million shares worth about $3.75 billion.
• Institutional ownership in Robinhood remains very high, with hedge funds and other institutions controlling 93.27% of the stock. Several other large investors also boosted their positions during the quarter.
• Wall Street sentiment is still broadly positive: Robinhood has 18 Buy ratings and 5 Hold ratings, with a consensus Moderate Buy target price of $110.73, even as some analysts trimmed price targets.

State Street Corp raised its holdings in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,121,452 shares of the company's stock after buying an additional 875,297 shares during the quarter. State Street Corp owned about 3.68% of Robinhood Markets worth $3,746,036,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Aberdeen Group plc boosted its position in shares of Robinhood Markets by 565.1% during the 3rd quarter. Aberdeen Group plc now owns 185,538 shares of the company's stock valued at $26,565,000 after acquiring an additional 157,643 shares during the last quarter. NEOS Investment Management LLC acquired a new position in shares of Robinhood Markets during the 3rd quarter valued at about $11,994,000. Truist Financial Corp boosted its position in shares of Robinhood Markets by 88.9% during the 4th quarter. Truist Financial Corp now owns 145,489 shares of the company's stock valued at $16,455,000 after acquiring an additional 68,458 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Robinhood Markets by 86.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 100,849 shares of the company's stock valued at $11,406,000 after acquiring an additional 46,688 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Robinhood Markets by 26.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 365,551 shares of the company's stock valued at $44,477,000 after acquiring an additional 76,075 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Zacks Research raised shares of Robinhood Markets from a "strong sell" rating to a "hold" rating in a research report on Monday, June 8th. Barclays lowered their price target on shares of Robinhood Markets from $89.00 to $82.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 29th. Morgan Stanley lowered their price target on shares of Robinhood Markets from $147.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Friday, April 10th. Loop Capital set a $94.00 price target on shares of Robinhood Markets in a research report on Wednesday, May 27th. Finally, KeyCorp reissued an "overweight" rating and set a $100.00 price target on shares of Robinhood Markets in a research report on Monday, June 1st. Eighteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $110.73.

Insider Buying and Selling

In other Robinhood Markets news, Director Baiju Bhatt sold 67,422 shares of the company's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $75.38, for a total value of $5,082,270.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven M. Quirk sold 10,837 shares of the company's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $85.91, for a total transaction of $931,006.67. Following the completion of the transaction, the insider directly owned 81,989 shares in the company, valued at $7,043,674.99. The trade was a 11.67% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have acquired 680,000 shares of company stock valued at $55,306,560 and have sold 571,602 shares valued at $41,959,746. 14.47% of the stock is owned by corporate insiders.

Robinhood Markets Price Performance

NASDAQ HOOD opened at $93.19 on Friday. The firm's 50-day moving average is $80.09 and its two-hundred day moving average is $92.18. Robinhood Markets, Inc. has a 12 month low of $63.51 and a 12 month high of $153.86. The stock has a market capitalization of $83.92 billion, a P/E ratio of 45.02, a PEG ratio of 2.31 and a beta of 2.35.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its earnings results on Tuesday, April 28th. The company reported $0.38 EPS for the quarter, missing analysts' consensus estimates of $0.39 by ($0.01). Robinhood Markets had a net margin of 41.12% and a return on equity of 21.39%. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the company earned $0.37 EPS. The company's quarterly revenue was up 15.1% compared to the same quarter last year. As a group, analysts anticipate that Robinhood Markets, Inc. will post 1.83 EPS for the current year.

More Robinhood Markets News

Here are the key news stories impacting Robinhood Markets this week:

• Positive Sentiment: Robinhood’s securities arm received approval to underwrite IPOs, potentially expanding revenue opportunities and giving the company a bigger role in future public offerings. Robinhood Just Won Approval to Underwrite IPOs, Right Before SpaceX's Blockbuster Market Debut. Here's Why the Timing Matters.
• Positive Sentiment: SpaceX’s IPO sparked “record-breaking” traffic on Robinhood’s platform, highlighting heavy retail engagement and the value of its IPO-access business. Robinhood sees ‘record-breaking' traffic after SpaceX stock debuts
• Positive Sentiment: Needham raised its price target on Robinhood to $97 and reiterated a buy rating, adding to bullish sentiment around the stock. Benzinga report on Needham price target raise
• Neutral Sentiment: Robinhood saw unusual options activity, with traders buying a much larger-than-normal volume of call options, suggesting heightened speculation around the shares.
• Neutral Sentiment: The stock also benefited from a broader lift in financial stocks and related retail brokerage names during Friday’s session. Sector Update: Financial Stocks Advance Late Afternoon
• Negative Sentiment: Robinhood’s platform experienced trading issues amid the surge in SpaceX-related demand, which could raise concerns about reliability during peak activity. HOOD Stock: Robinhood Buckles Under SpaceX IPO Demand, Users Report Trading Issues
• Negative Sentiment: ARK Invest reportedly sold shares of Robinhood, which may temper enthusiasm for some investors. HOOD Stock Gains Overnight: Cathie Wood’s ARK Sells Shares Even As Robinhood Stacks Up Fresh Catalysts

Robinhood Markets Profile

Robinhood Markets, Inc NASDAQ: HOOD is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to "democratize finance for all." Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood's core products and services include a mobile app and web platform for trading U.S.

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