Connective Portfolio Management LLC Takes Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Connective Portfolio Management LLC acquired a new stake in Robinhood Markets, Inc. (NASDAQ:HOOD) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 2,000 shares of the company’s stock, valued at approximately $47,000.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Robinhood Markets by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 56,828,633 shares of the company’s stock valued at $1,143,960,000 after purchasing an additional 1,003,535 shares during the last quarter. Banque Cantonale Vaudoise lifted its holdings in Robinhood Markets by 21,404.0% during the 1st quarter. Banque Cantonale Vaudoise now owns 96,768 shares of the company’s stock valued at $1,948,000 after purchasing an additional 96,318 shares during the last quarter. UniSuper Management Pty Ltd lifted its holdings in Robinhood Markets by 87.1% during the 1st quarter. UniSuper Management Pty Ltd now owns 5,800 shares of the company’s stock valued at $117,000 after purchasing an additional 2,700 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Robinhood Markets during the 4th quarter valued at $8,299,000. Finally, O Neil Global Advisors Inc. acquired a new stake in Robinhood Markets during the 2nd quarter valued at $2,298,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Trading Down 4.0 %

Robinhood Markets stock traded down $1.03 during midday trading on Wednesday, reaching $24.58. The company’s stock had a trading volume of 5,264,699 shares, compared to its average volume of 15,459,786. Robinhood Markets, Inc. has a 52 week low of $7.91 and a 52 week high of $25.80. The business has a 50-day moving average price of $20.71 and a 200-day moving average price of $20.46. The stock has a market cap of $21.60 billion, a PE ratio of 161.20 and a beta of 1.84.

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

Analyst Ratings Changes

Several brokerages have issued reports on HOOD. KeyCorp raised their price target on Robinhood Markets from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Deutsche Bank Aktiengesellschaft lifted their target price on Robinhood Markets from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Needham & Company LLC reissued a “hold” rating on shares of Robinhood Markets in a report on Thursday, August 8th. Bank of America lifted their target price on Robinhood Markets from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, Keefe, Bruyette & Woods dropped their target price on Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $23.83.

Insider Activity

In other news, Director Baiju Bhatt sold 120,236 shares of Robinhood Markets stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $22.20, for a total transaction of $2,669,239.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Vladimir Tenev sold 250,000 shares of Robinhood Markets stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $22.88, for a total value of $5,720,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Baiju Bhatt sold 120,236 shares of Robinhood Markets stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $22.20, for a total value of $2,669,239.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,227,389 shares of company stock valued at $24,238,940. 19.95% of the stock is currently owned by corporate insiders.

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.