California Public Employees Retirement System Buys 186,687 Shares of Robinhood Markets, Inc. $HOOD

California Public Employees Retirement System boosted its stake in Robinhood Markets, Inc. (NASDAQ:HOOD) by 17.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,261,185 shares of the company’s stock after acquiring an additional 186,687 shares during the quarter. California Public Employees Retirement System owned 0.14% of Robinhood Markets worth $118,085,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. WCM Investment Management LLC raised its stake in shares of Robinhood Markets by 3,615.7% in the 2nd quarter. WCM Investment Management LLC now owns 11,555,160 shares of the company’s stock valued at $1,081,910,000 after purchasing an additional 11,244,182 shares during the period. Norges Bank acquired a new position in shares of Robinhood Markets during the second quarter worth about $973,122,000. Kingstone Capital Partners Texas LLC bought a new position in shares of Robinhood Markets during the second quarter worth about $951,479,000. AGF Management Ltd. raised its position in Robinhood Markets by 286.0% in the 1st quarter. AGF Management Ltd. now owns 5,743,715 shares of the company’s stock valued at $239,053,000 after buying an additional 4,255,862 shares during the last quarter. Finally, Altimeter Capital Management LP acquired a new stake in Robinhood Markets in the 1st quarter valued at approximately $120,103,000. 93.27% of the stock is owned by institutional investors and hedge funds.

Robinhood Markets Trading Down 3.7%

NASDAQ:HOOD opened at $131.95 on Monday. Robinhood Markets, Inc. has a 1-year low of $29.66 and a 1-year high of $153.86. The firm has a fifty day simple moving average of $133.29 and a 200 day simple moving average of $110.06. The stock has a market capitalization of $118.65 billion, a PE ratio of 54.75, a P/E/G ratio of 2.97 and a beta of 2.43.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.20. Robinhood Markets had a net margin of 52.19% and a return on equity of 21.74%. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the company posted $0.17 earnings per share. The company’s revenue for the quarter was up 100.0% compared to the same quarter last year. On average, equities analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Steven M. Quirk sold 49,942 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $131.15, for a total value of $6,549,893.30. Following the completion of the sale, the insider directly owned 54,496 shares in the company, valued at approximately $7,147,150.40. This trade represents a 47.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Baiju Bhatt sold 418,338 shares of Robinhood Markets stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $116.56, for a total value of $48,761,477.28. The SEC filing for this sale provides additional information. Insiders sold a total of 4,099,236 shares of company stock valued at $525,040,481 in the last 90 days. 14.47% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Morgan Stanley upped their price target on Robinhood Markets from $110.00 to $146.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 1st. CICC Research started coverage on shares of Robinhood Markets in a report on Monday, October 27th. They set an “outperform” rating and a $155.00 target price for the company. Citigroup raised their target price on shares of Robinhood Markets from $120.00 to $135.00 and gave the company a “neutral” rating in a research report on Tuesday, September 23rd. Zacks Research upgraded shares of Robinhood Markets from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 28th. Finally, JMP Securities boosted their price target on shares of Robinhood Markets from $130.00 to $170.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Robinhood Markets presently has an average rating of “Moderate Buy” and a consensus target price of $136.95.

Robinhood Markets Company 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.