First Trust Advisors LP Grows Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

First Trust Advisors LP boosted its stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 35.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 964,836 shares of the company's stock after acquiring an additional 254,817 shares during the period. First Trust Advisors LP owned 0.11% of Robinhood Markets worth $35,950,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. FMR LLC increased its stake in shares of Robinhood Markets by 184.8% in the fourth quarter. FMR LLC now owns 40,237,478 shares of the company's stock worth $1,499,248,000 after purchasing an additional 26,107,934 shares in the last quarter. Geode Capital Management LLC grew its stake in Robinhood Markets by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 12,175,972 shares of the company's stock valued at $455,464,000 after buying an additional 555,299 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Robinhood Markets by 34.4% during the 4th quarter. Renaissance Technologies LLC now owns 12,078,116 shares of the company's stock valued at $450,031,000 after acquiring an additional 3,091,514 shares during the period. Norges Bank bought a new position in shares of Robinhood Markets in the fourth quarter worth $329,598,000. Finally, GQG Partners LLC purchased a new position in shares of Robinhood Markets in the fourth quarter valued at $302,325,000. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

HOOD has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Robinhood Markets from $39.00 to $45.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Morgan Stanley cut shares of Robinhood Markets from an "overweight" rating to an "equal weight" rating and set a $40.00 price target for the company. in a research note on Tuesday, April 8th. Mizuho raised their price objective on shares of Robinhood Markets from $60.00 to $65.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. KeyCorp reduced their target price on Robinhood Markets from $75.00 to $55.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Finally, JMP Securities lowered their price target on Robinhood Markets from $77.00 to $70.00 and set a "market outperform" rating on the stock in a research report on Tuesday, April 8th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $53.88.

Robinhood Markets Stock Performance

Shares of NASDAQ HOOD traded down $0.20 during mid-day trading on Tuesday, hitting $48.73. 10,635,274 shares of the stock traded hands, compared to its average volume of 24,922,850. The stock has a fifty day moving average price of $43.28 and a 200-day moving average price of $41.16. The company has a market cap of $43.15 billion, a price-to-earnings ratio of 31.08, a PEG ratio of 1.05 and a beta of 2.17. Robinhood Markets, Inc. has a 52 week low of $13.98 and a 52 week high of $66.91.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. As a group, sell-side analysts predict that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $46.81, for a total transaction of $273,978.93. Following the sale, the chief technology officer now directly owns 17,559 shares of the company's stock, valued at approximately $821,936.79. This represents a 25.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $41.96, for a total transaction of $31,470,000.00. The disclosure for this sale can be found here. Insiders have sold 2,234,584 shares of company stock worth $109,755,759 in the last 90 days. Insiders own 19.95% of the company's stock.

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.