Virtu Financial LLC Makes New Investment in Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Virtu Financial LLC has purchased 83,494 shares of Robinhood Markets, Inc. in Q1 2023, valued at approximately $3.47 million.
• Institutional investors hold 93.27% of Robinhood's shares, with significant acquisitions reported from multiple hedge funds in the last quarter.
• Several analysts have raised their price targets for Robinhood stock, with consensus suggesting a potential moderate buy and a price target of $96.29.

Virtu Financial LLC bought a new stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 83,494 shares of the company's stock, valued at approximately $3,475,000.

A number of other institutional investors have also recently modified their holdings of the business. Whipplewood Advisors LLC grew its position in shares of Robinhood Markets by 564.4% in the first quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock valued at $25,000 after purchasing an additional 508 shares during the period. Hemington Wealth Management grew its position in shares of Robinhood Markets by 52.2% in the first quarter. Hemington Wealth Management now owns 636 shares of the company's stock valued at $26,000 after purchasing an additional 218 shares during the period. Wayfinding Financial LLC acquired a new stake in shares of Robinhood Markets in the first quarter valued at about $30,000. CoreCap Advisors LLC grew its position in shares of Robinhood Markets by 191.6% in the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company's stock valued at $31,000 after purchasing an additional 550 shares during the period. Finally, Pandora Wealth Inc. acquired a new stake in shares of Robinhood Markets in the first quarter valued at about $33,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HOOD. Barclays lifted their target price on shares of Robinhood Markets from $102.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Keefe, Bruyette & Woods lifted their target price on shares of Robinhood Markets from $89.00 to $106.00 and gave the company a "market perform" rating in a research report on Thursday, July 31st. JMP Securities lifted their target price on shares of Robinhood Markets from $125.00 to $130.00 and gave the company a "market outperform" rating in a research report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Robinhood Markets from $70.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, Citigroup boosted their price target on shares of Robinhood Markets from $100.00 to $120.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Robinhood Markets currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.29.

Robinhood Markets Stock Up 0.4%

NASDAQ:HOOD traded up $0.47 on Tuesday, hitting $114.09. The stock had a trading volume of 31,449,717 shares, compared to its average volume of 41,767,672. The stock has a market cap of $101.39 billion, a price-to-earnings ratio of 57.91, a PEG ratio of 4.37 and a beta of 2.36. The company has a fifty day moving average price of $92.24 and a two-hundred day moving average price of $64.62. Robinhood Markets, Inc. has a 1-year low of $18.36 and a 1-year high of $117.70.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.12. The company 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 previous year, the business posted $0.21 EPS. As a group, analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Insider Activity at Robinhood Markets

In other news, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $99.97, for a total value of $22,493,250.00. Following the transaction, the insider directly owned 591,887 shares in the company, valued at approximately $59,170,943.39. This represents a 27.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $93.27, for a total value of $69,952,500.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,644,685 shares of company stock valued at $430,085,957. 19.95% of the stock is owned by insiders.

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.