Yong Rong HK Asset Management Ltd Buys Shares of 1,058,000 Robinhood Markets, Inc. (NASDAQ:HOOD)

Yong Rong HK Asset Management Ltd purchased a new position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,058,000 shares of the company's stock, valued at approximately $44,034,000. Robinhood Markets comprises 10.2% of Yong Rong HK Asset Management Ltd's investment portfolio, making the stock its 3rd largest position. Yong Rong HK Asset Management Ltd owned 0.12% of Robinhood Markets at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. MetLife Investment Management LLC increased its position in Robinhood Markets by 1.5% in the 4th quarter. MetLife Investment Management LLC now owns 11,806 shares of the company's stock valued at $440,000 after acquiring an additional 171 shares during the period. Dorsey & Whitney Trust CO LLC increased its position in Robinhood Markets by 2.4% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 9,867 shares of the company's stock valued at $368,000 after acquiring an additional 233 shares during the period. Farther Finance Advisors LLC increased its position in Robinhood Markets by 4.0% in the 1st quarter. Farther Finance Advisors LLC now owns 6,890 shares of the company's stock valued at $290,000 after acquiring an additional 265 shares during the period. U.S. Capital Wealth Advisors LLC increased its position in Robinhood Markets by 1.1% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 28,850 shares of the company's stock valued at $1,201,000 after acquiring an additional 320 shares during the period. Finally, Blue Trust Inc. increased its position in Robinhood Markets by 28.6% in the 1st quarter. Blue Trust Inc. now owns 1,998 shares of the company's stock valued at $83,000 after acquiring an additional 444 shares during the period. Institutional investors own 93.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on HOOD shares. Morgan Stanley raised their target price on Robinhood Markets from $40.00 to $43.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 13th. Barclays lowered their target price on Robinhood Markets from $76.00 to $45.00 and set an "overweight" rating on the stock in a research report on Monday, April 7th. Compass Point lifted their price target on Robinhood Markets from $64.00 to $96.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Citigroup lifted their price target on Robinhood Markets from $50.00 to $100.00 and gave the company a "neutral" rating in a research report on Monday. Finally, Redburn Atlantic reiterated a "sell" rating and set a $48.00 price target (up from $40.00) on shares of Robinhood Markets in a research report on Monday, June 9th. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Robinhood Markets currently has an average rating of "Moderate Buy" and a consensus target price of $72.71.

Insider Activity

In related news, insider Steven M. Quirk sold 92,257 shares of Robinhood Markets stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $84.96, for a total transaction of $7,838,154.72. Following the completion of the sale, the insider owned 136,364 shares of the company's stock, valued at approximately $11,585,485.44. This trade represents a 40.35% decrease in their ownership of the stock. The transaction 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 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 2,441,838 shares of company stock valued at $176,501,489. 14.47% of the stock is currently owned by company insiders.

Robinhood Markets Stock Down 1.0%

Shares of Robinhood Markets stock traded down $0.94 during midday trading on Monday, hitting $93.46. The company's stock had a trading volume of 49,319,104 shares, compared to its average volume of 29,611,022. The firm has a market capitalization of $82.76 billion, a P/E ratio of 53.10, a PEG ratio of 4.80 and a beta of 2.36. The stock has a 50-day simple moving average of $68.81 and a 200-day simple moving average of $53.57. Robinhood Markets, Inc. has a 1-year low of $13.98 and a 1-year high of $100.88.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.04). The business had revenue of $927.00 million during the quarter, compared to analyst estimates of $917.12 million. Robinhood Markets had a return on equity of 15.42% and a net margin of 48.77%. The business's quarterly revenue was up 50.0% on a year-over-year basis. During the same period last year, the business earned $0.18 EPS. As a group, sell-side analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

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.