Wedbush Securities Inc. Takes Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Wedbush Securities Inc. has taken a new position in Robinhood Markets, acquiring 9,239 shares valued at approximately $385,000 in the first quarter.
• Analysts have raised price targets for Robinhood Markets, with Mizuho increasing theirs to $99.00 and Deutsche Bank to $85.00, reflecting a generally positive outlook.
• Insider transactions at Robinhood have seen significant sales, with Director Baiju Bhatt selling 418,338 shares, representing a 98.16% decrease in his ownership stake.

Wedbush Securities Inc. acquired a new stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 9,239 shares of the company's stock, valued at approximately $385,000.

A number of other hedge funds have also recently bought and sold shares of HOOD. American Century Companies Inc. grew its stake in Robinhood Markets by 73.4% during the 4th quarter. American Century Companies Inc. now owns 90,922 shares of the company's stock valued at $3,388,000 after purchasing an additional 38,495 shares in the last quarter. Modern Wealth Management LLC acquired a new stake in Robinhood Markets during the 4th quarter valued at approximately $225,000. Meiji Yasuda Asset Management Co Ltd. acquired a new stake in Robinhood Markets during the 4th quarter valued at approximately $257,000. Ausdal Financial Partners Inc. acquired a new position in shares of Robinhood Markets in the 4th quarter worth approximately $225,000. Finally, Korea Investment CORP grew its position in shares of Robinhood Markets by 335.4% in the 4th quarter. Korea Investment CORP now owns 385,216 shares of the company's stock worth $14,353,000 after acquiring an additional 296,740 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Mizuho lifted their target price on Robinhood Markets from $80.00 to $99.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 1st. Deutsche Bank Aktiengesellschaft raised their price target on Robinhood Markets from $70.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, June 9th. KeyCorp raised their price target on Robinhood Markets from $60.00 to $110.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Citigroup raised their price target on Robinhood Markets from $50.00 to $100.00 and gave the stock a "neutral" rating in a report on Monday, July 7th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $71.00 price target on shares of Robinhood Markets in a report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Robinhood Markets presently has a consensus rating of "Moderate Buy" and a consensus price target of $85.29.

Robinhood Markets Stock Performance

HOOD opened at $104.85 on Friday. The company has a market capitalization of $92.84 billion, a PE ratio of 59.57, a P/E/G ratio of 5.35 and a beta of 2.36. The stock's fifty day moving average is $82.95 and its 200-day moving average is $59.84. Robinhood Markets, Inc. has a one year low of $13.98 and a one year high of $113.44.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.04). Robinhood Markets had a return on equity of 15.42% and a net margin of 48.77%. The firm had revenue of $927.00 million for the quarter, compared to analyst estimates of $917.12 million. During the same period in the previous year, the firm earned $0.18 earnings per share. Robinhood Markets's revenue was up 50.0% on a year-over-year basis. On average, equities research analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Insider Transactions at Robinhood Markets

In other Robinhood Markets news, Director Baiju Bhatt sold 418,338 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $74.29, for a total value of $31,078,330.02. Following the transaction, the director owned 7,863 shares of the company's stock, valued at approximately $584,142.27. This represents a 98.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven M. Quirk sold 104,887 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $70.14, for a total value of $7,356,774.18. Following the sale, the insider owned 228,621 shares of the company's stock, valued at $16,035,476.94. This trade represents a 31.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,696,644 shares of company stock valued at $218,696,575 in the last quarter. Insiders own 14.47% of the company's stock.

Robinhood Markets 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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