Avantax Advisory Services Inc. Purchases 3,216 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Avantax Advisory Services Inc. increased its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD) by 20.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,121 shares of the company’s stock after buying an additional 3,216 shares during the period. Avantax Advisory Services Inc.’s holdings in Robinhood Markets were worth $712,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in HOOD. New Wave Wealth Advisors LLC bought a new stake in shares of Robinhood Markets during the fourth quarter worth $26,000. True Wealth Design LLC bought a new stake in Robinhood Markets during the third quarter valued at $30,000. Silicon Valley Capital Partners bought a new stake in Robinhood Markets during the fourth quarter valued at $37,000. Bogart Wealth LLC acquired a new position in shares of Robinhood Markets during the fourth quarter valued at about $37,000. Finally, Spire Wealth Management raised its holdings in shares of Robinhood Markets by 104.6% during the fourth quarter. Spire Wealth Management now owns 1,074 shares of the company’s stock valued at $40,000 after purchasing an additional 549 shares during the period. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on HOOD shares. Cantor Fitzgerald started coverage on shares of Robinhood Markets in a research note on Thursday, March 6th. They issued an “overweight” rating and a $69.00 price objective for the company. Compass Point started coverage on shares of Robinhood Markets in a research report on Wednesday. They set a “buy” rating and a $61.00 target price for the company. Barclays raised their price objective on shares of Robinhood Markets from $54.00 to $76.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Needham & Company LLC boosted their price target on shares of Robinhood Markets from $52.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, The Goldman Sachs Group upgraded shares of Robinhood Markets from a “neutral” rating to a “buy” rating and boosted their price target for the company from $40.00 to $46.00 in a research report on Friday, December 6th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Robinhood Markets has an average rating of “Moderate Buy” and an average target price of $61.29.

Insiders Place Their Bets

In other news, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $46.81, for a total value of $273,978.93. Following the transaction, the chief technology officer now owns 17,559 shares in the company, valued at approximately $821,936.79. This represents a 25.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Daniel Martin Gallagher, Jr. sold 300,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $37.51, for a total transaction of $11,253,000.00. Following the completion of the transaction, the insider now owns 806,955 shares in the company, valued at approximately $30,268,882.05. This represents a 27.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,979,251 shares of company stock worth $142,232,560. 19.95% of the stock is currently owned by company insiders.

Robinhood Markets Price Performance

Shares of NASDAQ HOOD opened at $44.36 on Friday. Robinhood Markets, Inc. has a 1 year low of $13.98 and a 1 year high of $66.91. The company’s 50-day moving average is $49.04 and its 200 day moving average is $37.16. The stock has a market capitalization of $39.28 billion, a P/E ratio of 28.25, a P/E/G ratio of 1.05 and a beta of 2.14.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings data 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%. Research analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

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.