Truist Financial Corp Has $6.60 Million Position in Robinhood Markets, Inc. $HOOD

Key Points

• Truist Financial Corp has increased its stake in Robinhood Markets by 31.1% in Q2, owning 70,483 shares worth approximately $6.60 million.
• Insider sales have been significant, with Director Baiju Bhatt selling 418,338 shares and CEO Vladimir Tenev selling 750,000 shares, totaling nearly $155 million in transactions.
• Robinhood Markets stock has seen analysts' price targets raised, with Citigroup increasing its target from $120 to $135, while the stock currently has a consensus rating of "Moderate Buy" among analysts.

Truist Financial Corp increased its position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 31.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 70,483 shares of the company's stock after purchasing an additional 16,722 shares during the quarter. Truist Financial Corp's holdings in Robinhood Markets were worth $6,599,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in HOOD. Vanguard Group Inc. boosted its position in Robinhood Markets by 8.6% during the first quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company's stock worth $3,089,914,000 after purchasing an additional 5,874,701 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in Robinhood Markets during the 2nd quarter worth approximately $951,479,000. AGF Management Ltd. increased its position in Robinhood Markets by 286.0% during the 1st quarter. AGF Management Ltd. now owns 5,743,715 shares of the company's stock worth $239,053,000 after buying an additional 4,255,862 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Robinhood Markets by 2.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,851,352 shares of the company's stock valued at $201,913,000 after acquiring an additional 131,620 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Robinhood Markets by 4.2% in the first quarter. Northern Trust Corp now owns 4,061,398 shares of the company's stock valued at $169,035,000 after acquiring an additional 163,823 shares in the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Robinhood Markets news, Director Baiju Bhatt sold 418,338 shares of the business's stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $119.42, for a total transaction of $49,957,923.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $139.73, for a total transaction of $104,797,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 5,650,598 shares of company stock worth $613,676,575 in the last quarter. Insiders own 19.95% of the company's stock.

Robinhood Markets Stock Down 3.0%

Shares of HOOD stock opened at $144.26 on Tuesday. The firm has a 50 day moving average of $115.20 and a 200-day moving average of $83.57. The company has a market cap of $128.20 billion, a price-to-earnings ratio of 73.23, a price-to-earnings-growth ratio of 4.13 and a beta of 2.42. Robinhood Markets, Inc. has a 52 week low of $22.72 and a 52 week high of $153.86.

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Citigroup raised their price objective on Robinhood Markets from $120.00 to $135.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 23rd. Compass Point boosted their price target on Robinhood Markets from $64.00 to $96.00 and gave the stock a "buy" rating in a report on Friday, June 27th. Keefe, Bruyette & Woods increased their price objective on shares of Robinhood Markets from $89.00 to $106.00 and gave the company a "market perform" rating in a research note on Thursday, July 31st. Cantor Fitzgerald lifted their price target on Robinhood Markets from $100.00 to $118.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Finally, KeyCorp lifted their price target on shares of Robinhood Markets from $60.00 to $110.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued 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 $113.59.

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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