Sumitomo Mitsui Trust Group Inc. Has $893.95 Million Holdings in Robinhood Markets, Inc. $HOOD

Key Points

• Sumitomo Mitsui Trust Group Inc. reduced its holdings in Robinhood Markets, selling 3,124,621 shares, bringing its total ownership to approximately 9.5 million shares worth around $893.95 million.
• Several institutional investors have increased their positions in Robinhood, with Metavasi Capital LP growing its stake by 275% in the 1st quarter, reflecting strong institutional interest overall as they hold ~93.27% of the stock.
• Robinhood's stock recently saw price target increases from multiple analysts, with Citizens JMP raising its target from $130 to $170, showing a positive outlook for the company's performance.

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 24.7% in the second quarter, according to its most recent filing with the SEC. The firm owned 9,547,669 shares of the company's stock after selling 3,124,621 shares during the quarter. Robinhood Markets makes up approximately 0.6% of Sumitomo Mitsui Trust Group Inc.'s investment portfolio, making the stock its 27th largest holding. Sumitomo Mitsui Trust Group Inc. owned approximately 1.08% of Robinhood Markets worth $893,948,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. HighTower Advisors LLC grew its position in shares of Robinhood Markets by 6.4% during the 1st quarter. HighTower Advisors LLC now owns 50,264 shares of the company's stock worth $2,092,000 after buying an additional 3,032 shares during the period. TD Private Client Wealth LLC grew its position in shares of Robinhood Markets by 184.4% during the 1st quarter. TD Private Client Wealth LLC now owns 1,829 shares of the company's stock worth $76,000 after buying an additional 1,186 shares during the period. Wellington Management Group LLP grew its position in shares of Robinhood Markets by 3.1% during the 1st quarter. Wellington Management Group LLP now owns 16,261 shares of the company's stock worth $677,000 after buying an additional 486 shares during the period. Caitong International Asset Management Co. Ltd grew its position in shares of Robinhood Markets by 125.9% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 19,201 shares of the company's stock worth $799,000 after buying an additional 10,703 shares during the period. Finally, Metavasi Capital LP grew its position in shares of Robinhood Markets by 275.0% during the 1st quarter. Metavasi Capital LP now owns 75,000 shares of the company's stock worth $3,122,000 after buying an additional 55,000 shares during the period. Institutional investors and hedge funds own 93.27% of the company's stock.

Insider Activity

In other news, Director Baiju Bhatt sold 418,338 shares of the firm's stock in a transaction on Tuesday, October 21st. The stock was sold at an average price of $133.11, for a total transaction of $55,684,971.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $139.73, for a total value of $104,797,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,175,598 shares of company stock worth $579,779,430. 14.47% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently commented on HOOD shares. Citizens Jmp raised their price objective on shares of Robinhood Markets from $130.00 to $170.00 and gave the stock a "mkt outperform" rating in a research report on Thursday, October 9th. Needham & Company LLC increased their target price on Robinhood Markets from $120.00 to $145.00 and gave the stock a "buy" rating in a report on Tuesday, September 30th. Mizuho increased their target price on Robinhood Markets from $120.00 to $145.00 and gave the stock an "outperform" rating in a report on Wednesday, September 10th. JMP Securities increased their target price on Robinhood Markets from $130.00 to $170.00 and gave the stock a "market outperform" rating in a report on Thursday, October 9th. Finally, Bank of America raised their price objective on Robinhood Markets from $139.00 to $157.00 and gave the company a "buy" rating in a research note on Thursday, October 2nd. Twelve investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Robinhood Markets presently has a consensus rating of "Moderate Buy" and an average target price of $118.94.

Robinhood Markets Price Performance

Shares of Robinhood Markets stock opened at $141.79 on Friday. Robinhood Markets, Inc. has a 1 year low of $23.00 and a 1 year high of $153.86. The firm has a market cap of $126.00 billion, a PE ratio of 71.97, a P/E/G ratio of 3.30 and a beta of 2.42. The stock has a fifty day moving average price of $122.90 and a 200-day moving average price of $91.56.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.