Robinhood Markets, Inc. (NASDAQ:HOOD) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 30.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 328,511 shares of the company’s stock after acquiring an additional 75,745 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Robinhood Markets were worth $13,673,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of HOOD. Whipplewood Advisors LLC boosted its holdings in shares of Robinhood Markets by 564.4% during the first quarter. Whipplewood Advisors LLC now owns 598 shares of the company’s stock valued at $25,000 after acquiring an additional 508 shares during the period. Wayfinding Financial LLC acquired a new stake in Robinhood Markets in the 1st quarter valued at about $30,000. CoreCap Advisors LLC lifted its holdings in Robinhood Markets by 191.6% in the 4th quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock valued at $31,000 after acquiring an additional 550 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in Robinhood Markets by 750.0% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company’s stock valued at $32,000 after acquiring an additional 750 shares during the last quarter. Finally, Colonial Trust Co SC acquired a new stake in Robinhood Markets in the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft upped their price target on shares of Robinhood Markets from $70.00 to $85.00 and gave the company a “buy” rating in a report on Monday, June 9th. Citigroup upped their price target on shares of Robinhood Markets from $50.00 to $100.00 and gave the company a “neutral” rating in a report on Monday, July 7th. Redburn Atlantic reissued a “sell” rating and issued a $48.00 price target (up from $40.00) on shares of Robinhood Markets in a report on Monday, June 9th. JPMorgan Chase & Co. upped their price objective on shares of Robinhood Markets from $44.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, May 1st. Finally, JMP Securities upped their price objective on shares of Robinhood Markets from $70.00 to $125.00 and gave the company a “market outperform” rating in a research note on Monday, July 14th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $85.29.

Robinhood Markets Stock Performance

HOOD stock opened at $109.74 on Friday. The stock has a market cap of $97.17 billion, a P/E ratio of 62.35, a P/E/G ratio of 5.38 and a beta of 2.36. The firm has a 50 day simple moving average of $78.73 and a 200 day simple moving average of $57.55. Robinhood Markets, Inc. has a 52 week low of $13.98 and a 52 week high of $113.44.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.04). The company had revenue of $927.00 million for the quarter, compared to analyst estimates of $917.12 million. Robinhood Markets had a return on equity of 15.42% and a net margin of 48.77%. The business’s revenue for the quarter was up 50.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.18 earnings per share. Sell-side analysts predict that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Insider Activity at Robinhood Markets

In related news, insider Steven M. Quirk sold 104,887 shares of the firm’s stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $70.14, for a total transaction of $7,356,774.18. Following the transaction, the insider owned 228,621 shares of the company’s stock, valued at approximately $16,035,476.94. This trade represents a 31.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Baiju Bhatt sold 418,338 shares of the firm’s stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $64.46, for a total transaction of $26,966,067.48. Following the transaction, the director directly owned 7,863 shares in the company, valued at approximately $506,848.98. The trade was a 98.16% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,749,630 shares of company stock valued at $221,118,663. 14.47% 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.