The Manufacturers Life Insurance Company Sells 100,162 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

The Manufacturers Life Insurance Company lessened its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD) by 71.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,740 shares of the company’s stock after selling 100,162 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Robinhood Markets were worth $931,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Baker Avenue Asset Management LP increased its stake in Robinhood Markets by 77.9% in the third quarter. Baker Avenue Asset Management LP now owns 464,306 shares of the company’s stock valued at $10,874,000 after acquiring an additional 203,354 shares during the period. EULAV Asset Management grew its stake in shares of Robinhood Markets by 22.2% in the 3rd quarter. EULAV Asset Management now owns 550,000 shares of the company’s stock valued at $12,881,000 after purchasing an additional 100,000 shares during the period. Aigen Investment Management LP acquired a new position in shares of Robinhood Markets in the 3rd quarter worth approximately $770,000. Victory Capital Management Inc. lifted its position in shares of Robinhood Markets by 85.3% during the 3rd quarter. Victory Capital Management Inc. now owns 117,383 shares of the company’s stock worth $2,749,000 after buying an additional 54,046 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its position in shares of Robinhood Markets by 146.7% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,161,240 shares of the company’s stock worth $27,196,000 after buying an additional 690,467 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

Insider Activity

In other news, CEO Vladimir Tenev sold 250,000 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $22.88, for a total value of $5,720,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Meyer Malka sold 1,535,681 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $40.11, for a total transaction of $61,596,164.91. Following the completion of the sale, the director now owns 4,974,238 shares of the company’s stock, valued at approximately $199,516,686.18. This represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,851,175 shares of company stock valued at $169,980,708 in the last 90 days. 19.95% of the stock is owned by company insiders.

Robinhood Markets Stock Up 3.9 %

Shares of HOOD stock opened at $39.33 on Friday. Robinhood Markets, Inc. has a 12 month low of $10.38 and a 12 month high of $42.76. The firm has a market cap of $34.77 billion, a price-to-earnings ratio of 66.66, a PEG ratio of 0.93 and a beta of 2.08. The stock has a 50-day moving average price of $31.35 and a 200 day moving average price of $24.85.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). Robinhood Markets had a return on equity of 7.52% and a net margin of 21.80%. The business had revenue of $637.00 million for the quarter, compared to the consensus estimate of $660.53 million. During the same period last year, the firm earned ($0.09) earnings per share. The company’s quarterly revenue was up 36.4% on a year-over-year basis. Sell-side analysts predict that Robinhood Markets, Inc. will post 0.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on HOOD shares. JPMorgan Chase & Co. increased their price objective on Robinhood Markets from $17.00 to $21.00 and gave the stock an “underweight” rating in a research note on Thursday, October 17th. Needham & Company LLC restated a “buy” rating and issued a $52.00 price target (up from $40.00) on shares of Robinhood Markets in a research report on Monday. Morgan Stanley raised shares of Robinhood Markets from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $24.00 to $55.00 in a research note on Monday, November 25th. Barclays upgraded shares of Robinhood Markets from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $26.00 to $49.00 in a research note on Monday. Finally, Citigroup increased their price target on Robinhood Markets from $19.00 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, September 27th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Robinhood Markets presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.13.

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.