CIBC Asset Management Inc Boosts Stock Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

CIBC Asset Management Inc raised its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 3.4% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 21,731 shares of the company’s stock after buying an additional 724 shares during the period. CIBC Asset Management Inc’s holdings in Robinhood Markets were worth $509,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of HOOD. Acadian Asset Management LLC purchased a new stake in Robinhood Markets during the first quarter valued at approximately $270,000. O Shaughnessy Asset Management LLC acquired a new stake in shares of Robinhood Markets in the 1st quarter worth $206,000. UniSuper Management Pty Ltd grew its stake in Robinhood Markets by 87.1% during the 1st quarter. UniSuper Management Pty Ltd now owns 5,800 shares of the company’s stock worth $117,000 after buying an additional 2,700 shares during the last quarter. Natixis purchased a new position in Robinhood Markets during the 1st quarter worth $378,000. Finally, 1832 Asset Management L.P. acquired a new position in Robinhood Markets during the 1st quarter valued at about $2,094,000. 93.27% of the stock is currently owned by institutional investors.

Robinhood Markets Stock Down 2.4 %

Robinhood Markets stock opened at $35.22 on Friday. The business’s 50-day moving average price is $26.67 and its 200 day moving average price is $22.80. The firm has a market cap of $31.14 billion, a price-to-earnings ratio of 59.70, a price-to-earnings-growth ratio of 0.82 and a beta of 1.84. Robinhood Markets, Inc. has a 52 week low of $7.98 and a 52 week high of $38.11.

Robinhood Markets (NASDAQ:HOOD) last posted its earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.01). Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. The firm had revenue of $637.00 million for the quarter, compared to analysts’ expectations of $660.53 million. During the same period last year, the firm earned ($0.09) earnings per share. Robinhood Markets’s revenue for the quarter was up 36.4% compared to the same quarter last year. Equities analysts expect that Robinhood Markets, Inc. will post 0.74 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on HOOD shares. Morgan Stanley boosted their price target on Robinhood Markets from $22.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Piper Sandler boosted their target price on shares of Robinhood Markets from $30.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday. Citigroup upped their price target on shares of Robinhood Markets from $19.00 to $23.00 and gave the company a “neutral” rating in a research note on Friday, September 27th. Bank of America boosted their price objective on shares of Robinhood Markets from $28.00 to $32.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, Sanford C. Bernstein raised their target price on Robinhood Markets from $30.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.66.

Insider Activity at Robinhood Markets

In other news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $19.33, for a total transaction of $241,625.00. Following the completion of the transaction, the insider now directly owns 1,045,068 shares of the company’s stock, valued at $20,201,164.44. This represents a 1.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Vladimir Tenev sold 250,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.26, for a total value of $4,815,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,710,549 shares of company stock worth $115,477,194. 19.95% of the stock is owned by company insiders.

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.