West Michigan Advisors LLC Invests $265,000 in Robinhood Markets, Inc. $HOOD

Key Points

• West Michigan Advisors LLC invested $265,000 in Robinhood Markets, acquiring 2,834 shares in the second quarter of 2023.
• Robinhood Markets reported $0.42 earnings per share (EPS) for the last quarter, exceeding analysts' expectations of $0.30 EPS, along with a revenue increase of 45% year-over-year.
• Several hedge funds have increased their positions in Robinhood, with 93.27% of its stock owned by institutional investors.

West Michigan Advisors LLC acquired a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,834 shares of the company's stock, valued at approximately $265,000.

Other hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC raised its position in Robinhood Markets by 6.4% in the 1st quarter. HighTower Advisors LLC now owns 50,264 shares of the company's stock worth $2,092,000 after purchasing an additional 3,032 shares during the period. TD Private Client Wealth LLC raised its position in Robinhood Markets by 184.4% in the 1st quarter. TD Private Client Wealth LLC now owns 1,829 shares of the company's stock worth $76,000 after purchasing an additional 1,186 shares during the period. Wellington Management Group LLP raised its position in Robinhood Markets by 3.1% in the 1st quarter. Wellington Management Group LLP now owns 16,261 shares of the company's stock worth $677,000 after purchasing an additional 486 shares during the period. Caitong International Asset Management Co. Ltd raised its position in Robinhood Markets by 125.9% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 19,201 shares of the company's stock worth $799,000 after purchasing an additional 10,703 shares during the period. Finally, Metavasi Capital LP raised its position in Robinhood Markets by 275.0% in the 1st quarter. Metavasi Capital LP now owns 75,000 shares of the company's stock worth $3,122,000 after purchasing an additional 55,000 shares during the period. 93.27% of the stock is owned by institutional investors.

Robinhood Markets Stock Performance

Shares of NASDAQ HOOD opened at $139.79 on Friday. The firm's 50 day moving average price is $123.41 and its 200-day moving average price is $92.29. The company has a market cap of $124.23 billion, a PE ratio of 70.96, a P/E/G ratio of 3.49 and a beta of 2.42. Robinhood Markets, Inc. has a 52-week low of $23.00 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 firm had revenue of $989.00 million for the quarter, compared to the consensus estimate 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 posted $0.21 earnings per share. On average, analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Transactions at Robinhood Markets

In other news, Director Baiju Bhatt sold 1,568,421 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $99.98, for a total value of $156,810,731.58. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Vladimir Tenev sold 750,000 shares of the company's stock in a transaction that occurred on Wednesday, October 1st. The stock was 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. In the last quarter, insiders have sold 5,175,598 shares of company stock valued at $579,779,430. 14.47% of the stock is currently owned by insiders.

Analysts Set New Price Targets

HOOD has been the topic of a number of analyst reports. Bank of America boosted their price objective on shares of Robinhood Markets from $139.00 to $157.00 and gave the company a "buy" rating in a research report on Thursday, October 2nd. KeyCorp boosted their price objective 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. Weiss Ratings restated a "hold (c)" rating on shares of Robinhood Markets in a research report on Wednesday, October 8th. Piper Sandler reissued an "overweight" rating and set a $140.00 price objective (up previously from $120.00) on shares of Robinhood Markets in a research note on Tuesday, September 23rd. Finally, Morgan Stanley boosted their price objective on shares of Robinhood Markets from $110.00 to $146.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 1st. Twelve analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $118.94.

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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