NewEdge Wealth LLC Invests $1.22 Million in Robinhood Markets, Inc. (NASDAQ:HOOD)

NewEdge Wealth LLC purchased a new stake in Robinhood Markets, Inc. (NASDAQ:HOOD) in the 4th quarter, HoldingsChannel reports. The fund purchased 32,762 shares of the company’s stock, valued at approximately $1,221,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC raised its stake in Robinhood Markets by 31.3% during the 3rd quarter. FMR LLC now owns 14,129,544 shares of the company’s stock valued at $330,914,000 after purchasing an additional 3,368,118 shares during the period. State Street Corp raised its position in Robinhood Markets by 8.7% during the third quarter. State Street Corp now owns 13,558,321 shares of the company’s stock valued at $317,536,000 after buying an additional 1,085,679 shares during the period. Geode Capital Management LLC lifted its stake in Robinhood Markets by 19.5% in the 3rd quarter. Geode Capital Management LLC now owns 11,620,673 shares of the company’s stock worth $271,708,000 after acquiring an additional 1,895,427 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Robinhood Markets by 33.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,581,465 shares of the company’s stock worth $107,298,000 after acquiring an additional 1,137,677 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in Robinhood Markets by 19.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,557,301 shares of the company’s stock valued at $179,463,000 after acquiring an additional 739,631 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

Insider Buying and Selling

In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 300,000 shares of Robinhood Markets stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $37.51, for a total value of $11,253,000.00. Following the transaction, the insider now directly owns 806,955 shares of the company’s stock, valued at $30,268,882.05. The trade was a 27.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Jeffrey Tsvi Pinner sold 5,876 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $37.92, for a total value of $222,817.92. Following the transaction, the chief technology officer now owns 11,752 shares of the company’s stock, valued at approximately $445,635.84. This trade represents a 33.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,624,018 shares of company stock worth $206,917,425 in the last quarter. 19.95% of the stock is currently owned by company insiders.

Robinhood Markets Stock Performance

HOOD opened at $50.10 on Friday. The firm has a market cap of $44.29 billion, a P/E ratio of 31.91, a price-to-earnings-growth ratio of 1.05 and a beta of 2.13. The business has a 50 day moving average price of $48.34 and a 200 day moving average price of $34.99. Robinhood Markets, Inc. has a twelve month low of $13.98 and a twelve month high of $66.91.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.54 EPS for the quarter, beating 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%. As a group, analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on HOOD. Piper Sandler increased their price target on shares of Robinhood Markets from $54.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Morgan Stanley lifted their target price on shares of Robinhood Markets from $64.00 to $90.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Wolfe Research downgraded shares of Robinhood Markets from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, February 18th. KeyCorp lifted their price objective on Robinhood Markets from $57.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Finally, Citigroup upped their target price on Robinhood Markets from $45.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $59.53.

Robinhood Markets 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.