Driehaus Capital Management LLC Makes New Investment in Robinhood Markets, Inc. (NASDAQ:HOOD)

Driehaus Capital Management LLC bought a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) during the 2nd quarter, Holdings Channel.com reports. The fund bought 780,214 shares of the company’s stock, valued at approximately $17,719,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its position in Robinhood Markets by 46.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,275 shares of the company’s stock worth $29,000 after purchasing an additional 722 shares during the period. ORG Partners LLC purchased a new stake in shares of Robinhood Markets during the 2nd quarter worth approximately $33,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Robinhood Markets during the 1st quarter worth approximately $34,000. International Assets Investment Management LLC purchased a new stake in shares of Robinhood Markets during the 2nd quarter worth approximately $40,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Robinhood Markets during the 2nd quarter worth approximately $45,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Insider Transactions at Robinhood Markets

In other news, CEO Vladimir Tenev sold 250,000 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $22.50, for a total transaction of $5,625,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Vladimir Tenev sold 250,000 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $22.50, for a total transaction of $5,625,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Baiju Bhatt sold 139,916 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $19.55, for a total value of $2,735,357.80. The disclosure for this sale can be found here. Insiders sold a total of 1,204,096 shares of company stock worth $23,603,793 in the last ninety days. Insiders own 19.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. KeyCorp boosted their price target on Robinhood Markets from $23.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Needham & Company LLC reissued a “hold” rating on shares of Robinhood Markets in a research note on Thursday, August 8th. Bank of America upped their target price on Robinhood Markets from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Wolfe Research raised Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 target price on the stock in a research note on Wednesday, June 26th. Finally, Morgan Stanley upped their target price on Robinhood Markets from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $23.43.

Robinhood Markets Stock Performance

Shares of HOOD opened at $23.89 on Friday. The stock has a fifty day moving average of $20.49 and a two-hundred day moving average of $20.19. The company has a market capitalization of $21.00 billion, a PE ratio of 159.27 and a beta of 1.82. Robinhood Markets, Inc. has a fifty-two week low of $7.91 and a fifty-two week high of $24.88.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.05. The company had revenue of $682.00 million during the quarter, compared to the consensus estimate of $640.39 million. Robinhood Markets had a return on equity of 4.25% and a net margin of 12.96%. Robinhood Markets’s revenue was up 40.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.03 EPS. As a group, equities research analysts forecast that Robinhood Markets, Inc. will post 0.76 earnings per share for the current fiscal year.

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.