TD Waterhouse Canada Inc. Grows Stake in Robinhood Markets, Inc. $HOOD

Key Points

• TD Waterhouse Canada increased its Robinhood stake by 51.1% in the second quarter, bringing its holdings to 53,324 shares valued at approximately $5.8 million. Institutional investors collectively own 93.27% of HOOD.
• Robinhood reported quarterly EPS of $0.62, beating estimates of $0.44, while revenue rose 32.5% year over year to $1.31 billion. Shares opened at $122.11, near the analyst consensus target of $122.67.
• Analyst sentiment remains positive, with Morgan Stanley upgrading the stock to “overweight” and setting a $150 target, although several firms recently lowered their targets. Meanwhile, insiders sold 626,283 shares worth about $69.1 million over the past 90 days.

TD Waterhouse Canada Inc. lifted its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 51.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,324 shares of the company's stock after purchasing an additional 18,033 shares during the period. TD Waterhouse Canada Inc.'s holdings in Robinhood Markets were worth $5,797,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Empowered Funds LLC grew its position in shares of Robinhood Markets by 46.7% in the 1st quarter. Empowered Funds LLC now owns 49,870 shares of the company's stock worth $2,076,000 after acquiring an additional 15,885 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Robinhood Markets in the 2nd quarter valued at about $5,105,000. Federated Hermes Inc. boosted its position in shares of Robinhood Markets by 106.2% during the second quarter. Federated Hermes Inc. now owns 63,957 shares of the company's stock worth $5,988,000 after buying an additional 32,933 shares during the period. NewEdge Advisors LLC boosted its position in Robinhood Markets by 19.1% during the 2nd quarter. NewEdge Advisors LLC now owns 89,676 shares of the company's stock worth $8,396,000 after acquiring an additional 14,356 shares during the period. Finally, Nebula Research & Development LLC bought a new position in Robinhood Markets in the 2nd quarter valued at about $1,316,000. Institutional investors and hedge funds own 93.27% of the company's stock.

Insiders Place Their Bets

In other Robinhood Markets news, CEO Vladimir Tenev sold 375,000 shares of Robinhood Markets stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $116.17, for a total value of $43,563,750.00. Following the transaction, the chief executive officer owned 375,000 shares of the company's stock, valued at approximately $43,563,750. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Shiv Verma sold 3,982 shares of the business's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $95.07, for a total value of $378,568.74. Following the completion of the sale, the chief financial officer owned 51,963 shares in the company, valued at approximately $4,940,122.41. This trade represents a 7.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 626,283 shares of company stock valued at $69,070,083 in the last ninety days. 13.48% of the stock is currently owned by insiders.

Robinhood Markets Stock Performance

Shares of NASDAQ:HOOD opened at $122.11 on Monday. The business's fifty day moving average price is $102.73 and its two-hundred day moving average price is $88.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.22 and a quick ratio of 1.22. Robinhood Markets, Inc. has a fifty-two week low of $63.51 and a fifty-two week high of $153.86. The stock has a market capitalization of $109.79 billion, a price-to-earnings ratio of 53.79, a price-to-earnings-growth ratio of 2.50 and a beta of 2.34.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.62 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.18. The firm had revenue of $1.31 billion during the quarter, compared to analysts' expectations of $1.29 billion. Robinhood Markets had a return on equity of 22.43% and a net margin of 42.01%.The business's revenue was up 32.5% on a year-over-year basis. During the same period last year, the firm posted $0.42 EPS. As a group, analysts predict that Robinhood Markets, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on HOOD shares. Barclays dropped their price target on shares of Robinhood Markets from $122.00 to $105.00 and set an "overweight" rating on the stock in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft lifted their price target on Robinhood Markets from $105.00 to $113.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Morgan Stanley upgraded shares of Robinhood Markets from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $124.00 to $150.00 in a research report on Tuesday, September 1st. The Goldman Sachs Group reduced their price target on Robinhood Markets from $137.00 to $118.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Finally, Cantor Fitzgerald lowered their target price on shares of Robinhood Markets from $130.00 to $115.00 and set an "overweight" rating on the stock in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $122.67.

Robinhood Markets News Roundup

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

• Positive Sentiment: Analyst sentiment remains supportive. Scotiabank initiated coverage with a bullish view, while Piper Sandler raised its price target to $145 and expects football-related event contracts to increase activity. Robinhood generated $156 million from event contracts in the second quarter. Robinhood Stock Jumps After Wave of Analysts Upgrade
• Positive Sentiment: Robinhood Chain and crypto activity are emerging growth drivers. The new blockchain reportedly generated about $3.8 million in fees on September 1, while the company now has 13 business lines with more than $100 million in annualized revenue. Deutsche Bank also sees potential upside from Robinhood’s latest crypto initiatives. Robinhood Now Runs 13 Revenue Lines Above $100 Million a Year
• Positive Sentiment: CEO Vlad Tenev said Robinhood’s newly launched Trust Accounts have attracted more than $150 million since August, suggesting early customer demand for the offering. Robinhood Trust Accounts Now Have Over $150 Million

Robinhood Markets Company 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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