Rhumbline Advisers Raises Stock Holdings in Robinhood Markets, Inc. (NASDAQ:HOOD)

Rhumbline Advisers boosted its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD) by 4.2% in the second quarter, Holdings Channel.com reports. The institutional investor owned 712,848 shares of the company’s stock after acquiring an additional 28,574 shares during the period. Rhumbline Advisers’ holdings in Robinhood Markets were worth $16,189,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Angeles Wealth Management LLC increased its position in shares of Robinhood Markets by 5.3% during the 1st quarter. Angeles Wealth Management LLC now owns 12,207 shares of the company’s stock valued at $246,000 after purchasing an additional 610 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Robinhood Markets by 44.9% during the 2nd quarter. GAMMA Investing LLC now owns 2,290 shares of the company’s stock valued at $52,000 after purchasing an additional 710 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Robinhood Markets by 46.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,275 shares of the company’s stock valued at $29,000 after purchasing an additional 722 shares during the last quarter. Commerce Bank increased its position in shares of Robinhood Markets by 7.9% during the 4th quarter. Commerce Bank now owns 12,459 shares of the company’s stock valued at $159,000 after purchasing an additional 917 shares during the last quarter. Finally, Whittier Trust Co. increased its position in shares of Robinhood Markets by 25.8% during the 1st quarter. Whittier Trust Co. now owns 5,828 shares of the company’s stock valued at $117,000 after purchasing an additional 1,194 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on HOOD shares. Morgan Stanley upped their price target on shares of Robinhood Markets from $20.00 to $21.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 14th. JPMorgan Chase & Co. upped their price target on shares of Robinhood Markets from $16.00 to $17.00 and gave the company an “underweight” rating in a research report on Thursday, August 8th. Keefe, Bruyette & Woods cut their price objective on Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating for the company in a research note on Thursday, August 8th. Wolfe Research upgraded Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 price objective for the company in a research note on Wednesday, June 26th. Finally, JMP Securities reiterated a “market outperform” rating and set a $30.00 price objective on shares of Robinhood Markets in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Robinhood Markets has a consensus rating of “Hold” and an average target price of $22.83.

Insider Activity at Robinhood Markets

In related news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $22.80, for a total value of $285,000.00. Following the completion of the transaction, the insider now directly owns 956,247 shares of the company’s stock, valued at $21,802,431.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $22.80, for a total value of $285,000.00. Following the completion of the transaction, the insider now directly owns 956,247 shares of the company’s stock, valued at $21,802,431.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Vladimir Tenev sold 250,000 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $22.50, for a total value of $5,625,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,185,406 shares of company stock valued at $23,490,554. 19.95% of the stock is owned by corporate insiders.

Robinhood Markets Price Performance

HOOD stock opened at $19.66 on Tuesday. Robinhood Markets, Inc. has a 1-year low of $7.91 and a 1-year high of $24.88. The company has a market capitalization of $17.39 billion, a price-to-earnings ratio of 131.07 and a beta of 1.83. The business has a 50 day simple moving average of $20.68 and a two-hundred day simple moving average of $19.63.

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