Sumitomo Mitsui DS Asset Management Company Ltd Has $6.98 Million Holdings in Robinhood Markets, Inc. $HOOD

Key Points

• Sumitomo Mitsui DS Asset Management raised its stake in Robinhood Markets by 19.9%, holding 74,584 shares valued at approximately $6.98 million.
• Institutional investors and hedge funds collectively own 93.27% of Robinhood Markets' stock, indicating strong institutional support.
• Recent analysts’ reports have significantly increased price targets for Robinhood Markets, with Morgan Stanley and Barclays setting targets at $110.00 and $120.00, respectively.

Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 19.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,584 shares of the company's stock after buying an additional 12,375 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Robinhood Markets were worth $6,983,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Whipplewood Advisors LLC grew its stake in Robinhood Markets by 564.4% in the first quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock valued at $25,000 after purchasing an additional 508 shares in the last quarter. Hemington Wealth Management grew its stake in Robinhood Markets by 52.2% in the first quarter. Hemington Wealth Management now owns 636 shares of the company's stock valued at $26,000 after purchasing an additional 218 shares in the last quarter. Wayfinding Financial LLC purchased a new position in Robinhood Markets in the first quarter valued at about $30,000. Pandora Wealth Inc. acquired a new stake in shares of Robinhood Markets in the first quarter worth about $33,000. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of Robinhood Markets by 139.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 854 shares of the company's stock worth $36,000 after buying an additional 498 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Robinhood Markets Stock Up 0.1%

Shares of NASDAQ:HOOD traded up $0.17 during midday trading on Tuesday, reaching $125.06. The company had a trading volume of 8,236,944 shares, compared to its average volume of 42,242,832. Robinhood Markets, Inc. has a 1-year low of $22.05 and a 1-year high of $127.78. The stock has a market cap of $111.14 billion, a PE ratio of 63.48, a P/E/G ratio of 4.62 and a beta of 2.36. The business's 50 day moving average price is $108.90 and its 200 day moving average price is $76.89.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $893.93 million. During the same quarter last year, the company posted $0.21 earnings per share. Robinhood Markets's quarterly revenue was up 45.0% on a year-over-year basis. On average, research analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. The Goldman Sachs Group boosted their price target on Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Compass Point boosted their price target on Robinhood Markets from $64.00 to $96.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. Barclays boosted their price target on Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Cantor Fitzgerald boosted their price objective on Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Finally, KeyCorp boosted their price objective on Robinhood Markets from $60.00 to $110.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Eleven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $104.06.

Insider Buying and Selling

In other news, CEO Vladimir Tenev sold 750,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $93.27, for a total value of $69,952,500.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Baiju Bhatt sold 1,568,421 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $99.98, for a total value of $156,810,731.58. The disclosure for this sale can be found here. Insiders have sold 5,767,855 shares of company stock valued at $588,837,174 in the last ninety days. 19.95% of the stock is currently owned by company insiders.

Robinhood Markets 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.