Wealthquest Corp Buys New Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Wealthquest Corp made a substantial investment in Robinhood Markets, acquiring approximately $156.19 million to hold about 3,752,828 shares, which represents 7.0% of their portfolio and positions Robinhood as their 3rd largest holding.
• Analysts have shown a bullish outlook on Robinhood, with several firms raising their price targets significantly, the highest being $120.00 by Needham & Company LLC, resulting in a consensus average price target of $91.94.
• Insider activity has seen significant selling, with insider Steven M. Quirk offloading 92,257 shares and Director Baiju Bhatt selling 418,338 shares, indicating a substantial decrease in their positions.

Wealthquest Corp acquired a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,752,828 shares of the company's stock, valued at approximately $156,193,000. Robinhood Markets comprises about 7.0% of Wealthquest Corp's portfolio, making the stock its 3rd biggest position. Wealthquest Corp owned approximately 0.42% of Robinhood Markets as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Whipplewood Advisors LLC increased its stake in shares of Robinhood Markets by 564.4% in the 1st quarter. Whipplewood Advisors LLC now owns 598 shares of the company's stock valued at $25,000 after buying an additional 508 shares during the period. Wayfinding Financial LLC bought a new position in Robinhood Markets in the first quarter valued at about $30,000. CoreCap Advisors LLC boosted its holdings in 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 acquiring an additional 550 shares during the last quarter. Colonial Trust Co SC acquired a new stake in Robinhood Markets in the fourth quarter worth about $34,000. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in Robinhood Markets by 139.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 854 shares of the company's stock worth $36,000 after purchasing an additional 498 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on HOOD. KeyCorp upped their target price on shares of Robinhood Markets from $60.00 to $110.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. JMP Securities increased their price objective on shares of Robinhood Markets from $125.00 to $130.00 and gave the company a "market outperform" rating in a report on Thursday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Robinhood Markets from $70.00 to $85.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Redburn Atlantic reiterated a "sell" rating and set a $48.00 target price (up previously from $40.00) on shares of Robinhood Markets in a research report on Monday, June 9th. Finally, Keefe, Bruyette & Woods increased their price target on Robinhood Markets from $89.00 to $106.00 and gave the company a "market perform" rating in a research note on Thursday. One investment 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's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $96.29.

Insider Activity

In related news, Director Baiju Bhatt sold 418,338 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $74.29, for a total value of $31,078,330.02. Following the sale, the director directly owned 7,863 shares of the company's stock, valued at approximately $584,142.27. The trade was a 98.16% decrease in their position. The transaction 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 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 disclosure for this sale can be found here. Insiders sold 3,026,690 shares of company stock worth $257,160,102 over the last quarter. 14.47% of the stock is currently owned by company insiders.

Robinhood Markets Price Performance

Shares of Robinhood Markets stock traded down $3.72 during trading hours on Friday, hitting $99.33. The company's stock had a trading volume of 23,191,403 shares, compared to its average volume of 41,510,078. The company has a market capitalization of $87.96 billion, a PE ratio of 50.19, a price-to-earnings-growth ratio of 5.40 and a beta of 2.36. The stock has a 50 day moving average of $86.18 and a 200 day moving average of $61.49. Robinhood Markets, Inc. has a 12 month low of $13.98 and a 12 month high of $113.44.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.12. Robinhood Markets had a return on equity of 17.69% 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 period in the previous year, the firm earned $0.21 EPS. Robinhood Markets's quarterly revenue was up 45.0% compared to the same quarter last year. Equities analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

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.