Robinhood Markets, Inc. $HOOD Stake Raised by Tocqueville Asset Management L.P.

Key Points

• Tocqueville Asset Management L.P. significantly increased its stake in Robinhood Markets by 372.5%, owning 35,670 shares worth $1.48 million after purchasing an additional 28,120 shares in Q1.
• Insider trading activity includes Daniel Martin Gallagher, Jr. selling 225,000 shares for over $22 million, and CEO Vladimir Tenev selling 750,000 shares for approximately $69.9 million.
• Robinhood's stock reached $115.02, and the company reported earnings per share at $0.42, surpassing estimates, with a revenue increase of 45% year-over-year to $989 million.

Tocqueville Asset Management L.P. lifted its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 372.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,670 shares of the company's stock after acquiring an additional 28,120 shares during the period. Tocqueville Asset Management L.P.'s holdings in Robinhood Markets were worth $1,485,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Whipplewood Advisors LLC increased its position 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 buying an additional 508 shares during the period. Hemington Wealth Management grew its stake in shares of 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 in the last quarter. Wayfinding Financial LLC bought a new position in shares of Robinhood Markets in the first quarter worth $30,000. CoreCap Advisors LLC grew its stake in shares of 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 in the last quarter. Finally, Pandora Wealth Inc. bought a new position in shares of Robinhood Markets in the first quarter worth $33,000. 93.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Barclays increased their price target on Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Citigroup increased their price target on Robinhood Markets from $100.00 to $120.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. increased their price target on Robinhood Markets from $44.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. JMP Securities increased their price target on Robinhood Markets from $125.00 to $130.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 31st. Finally, Compass Point increased their price target on Robinhood Markets from $64.00 to $96.00 and gave the stock a "buy" rating in a research note on Friday, June 27th. Eleven investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $100.31.

Robinhood Markets Stock Performance

Shares of NASDAQ:HOOD traded down $2.9460 during midday trading on Wednesday, reaching $104.5540. The company had a trading volume of 49,539,241 shares, compared to its average volume of 41,789,492. Robinhood Markets, Inc. has a 1-year low of $18.71 and a 1-year high of $117.70. The firm has a market cap of $92.91 billion, a price-to-earnings ratio of 53.08, a price-to-earnings-growth ratio of 4.39 and a beta of 2.36. The company has a fifty day simple moving average of $96.89 and a two-hundred day simple moving average of $67.07.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its quarterly 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. 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 analyst estimates of $893.93 million. During the same quarter last year, the company posted $0.21 EPS. Robinhood Markets's revenue for the quarter was up 45.0% on a year-over-year basis. Analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Insider Buying and Selling

In related news, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $93.27, for a total value of $69,952,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven M. Quirk sold 104,887 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $70.14, for a total value of $7,356,774.18. Following the completion of the sale, the insider directly owned 228,621 shares of the company's stock, valued at approximately $16,035,476.94. This represents a 31.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,644,685 shares of company stock worth $448,881,884. Company insiders own 14.47% of the company's stock.

About Robinhood Markets

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.