Townsquare Capital LLC Purchases 4,571 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Townsquare Capital LLC increased its holdings in Robinhood Markets by 45.1%, acquiring an additional 4,571 shares, which brought their total to 14,696 shares valued at $612,000.
• A number of institutional investors have significantly increased their positions in Robinhood, with Keystone Investors PTE Ltd. raising its holdings by an astounding 6,364.4% during the first quarter.
• Analysts are bullish on Robinhood, with multiple firms raising their price targets, including Cantor Fitzgerald, which increased its target from $100.00 to $118.00, reflecting a strong outlook for the company's stock.

Townsquare Capital LLC increased its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 45.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,696 shares of the company's stock after acquiring an additional 4,571 shares during the period. Townsquare Capital LLC's holdings in Robinhood Markets were worth $612,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Donoghue Forlines LLC acquired a new stake in shares of Robinhood Markets during the first quarter valued at about $2,408,000. Keystone Investors PTE Ltd. raised its holdings in Robinhood Markets by 6,364.4% in the 1st quarter. Keystone Investors PTE Ltd. now owns 559,041 shares of the company's stock valued at $23,267,000 after buying an additional 550,393 shares during the last quarter. Forsta AP Fonden boosted its position in Robinhood Markets by 95.0% during the 1st quarter. Forsta AP Fonden now owns 220,100 shares of the company's stock worth $9,161,000 after buying an additional 107,200 shares during the period. National Bank of Canada FI grew its holdings in Robinhood Markets by 32.3% during the 1st quarter. National Bank of Canada FI now owns 3,518 shares of the company's stock worth $146,000 after acquiring an additional 859 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Robinhood Markets by 33.9% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 815,806 shares of the company's stock valued at $33,954,000 after acquiring an additional 206,389 shares during the period. Institutional investors and hedge funds own 93.27% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on HOOD shares. Cantor Fitzgerald lifted their price target on shares of Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Keefe, Bruyette & Woods lifted their target price on Robinhood Markets from $89.00 to $106.00 and gave the stock a "market perform" rating in a report on Thursday, July 31st. The Goldman Sachs Group upped their price target on Robinhood Markets from $91.00 to $104.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Needham & Company LLC increased their price target on Robinhood Markets from $71.00 to $120.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Piper Sandler lifted their price objective on Robinhood Markets from $110.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $100.31.

Insider Transactions at Robinhood Markets

In related news, insider Steven M. Quirk sold 104,887 shares of the stock in a transaction on 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 transaction, the insider directly owned 228,621 shares in the company, valued at $16,035,476.94. This trade represents a 31.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of Robinhood Markets stock in a transaction on Friday, August 1st. The shares were sold at an average price of $99.97, for a total transaction of $22,493,250.00. Following the completion of the sale, the insider directly owned 591,887 shares of the company's stock, valued at approximately $59,170,943.39. The trade was a 27.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,644,685 shares of company stock worth $430,085,957 in the last three months. Insiders own 14.47% of the company's stock.

Robinhood Markets Stock Up 3.1%

Shares of NASDAQ HOOD opened at $114.17 on Friday. The firm has a market cap of $101.46 billion, a PE ratio of 57.95, a P/E/G ratio of 4.35 and a beta of 2.36. The company's fifty day simple moving average is $95.36 and its 200 day simple moving average is $66.26. Robinhood Markets, Inc. has a 12-month low of $18.71 and a 12-month high of $117.70.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.30 by $0.12. The company had revenue of $989.00 million for the quarter, compared to analysts' expectations of $893.93 million. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.48%. The business's revenue was up 45.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.21 EPS. On average, equities analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Robinhood Markets Company 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.

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