Raymond James Financial Inc. Invests $90.87 Million in Robinhood Markets, Inc. (NASDAQ:HOOD)

Raymond James Financial Inc. purchased a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) during the fourth quarter, HoldingsChannel reports. The firm purchased 2,438,791 shares of the company’s stock, valued at approximately $90,869,000.

A number of other hedge funds also recently modified their holdings of the business. First Horizon Advisors Inc. lifted its holdings in shares of Robinhood Markets by 7.8% during the fourth quarter. First Horizon Advisors Inc. now owns 3,822 shares of the company’s stock worth $142,000 after purchasing an additional 277 shares during the period. Commerce Bank lifted its holdings in shares of Robinhood Markets by 3.3% during the third quarter. Commerce Bank now owns 13,245 shares of the company’s stock worth $310,000 after purchasing an additional 423 shares during the period. Spire Wealth Management lifted its holdings in shares of Robinhood Markets by 104.6% during the fourth quarter. Spire Wealth Management now owns 1,074 shares of the company’s stock worth $40,000 after purchasing an additional 549 shares during the period. Axxcess Wealth Management LLC lifted its holdings in shares of Robinhood Markets by 3.1% during the third quarter. Axxcess Wealth Management LLC now owns 19,773 shares of the company’s stock worth $463,000 after purchasing an additional 598 shares during the period. Finally, Allworth Financial LP lifted its holdings in shares of Robinhood Markets by 130.7% during the fourth quarter. Allworth Financial LP now owns 1,135 shares of the company’s stock worth $42,000 after purchasing an additional 643 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

Insider Transactions at Robinhood Markets

In other news, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $46.81, for a total transaction of $273,978.93. Following the completion of the sale, the chief technology officer now directly owns 17,559 shares of the company’s stock, valued at $821,936.79. The trade was a 25.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Baiju Bhatt sold 186,514 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $38.13, for a total transaction of $7,111,778.82. Following the sale, the director now directly owns 2,521 shares of the company’s stock, valued at approximately $96,125.73. The trade was a 98.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,171,641 shares of company stock valued at $149,567,157 over the last three months. Corporate insiders own 19.95% of the company’s stock.

Robinhood Markets Trading Down 0.9 %

HOOD opened at $44.42 on Monday. Robinhood Markets, Inc. has a 1-year low of $13.98 and a 1-year high of $66.91. The company has a market cap of $39.33 billion, a P/E ratio of 28.29, a price-to-earnings-growth ratio of 1.05 and a beta of 2.14. The company has a fifty day moving average price of $49.03 and a two-hundred day moving average price of $36.03.

Robinhood Markets (NASDAQ:HOOD) last posted its earnings results on Wednesday, February 12th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. On average, research analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on HOOD shares. Citigroup lifted their price target on shares of Robinhood Markets from $45.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Raymond James assumed coverage on shares of Robinhood Markets in a report on Wednesday, February 5th. They issued a “market perform” rating on the stock. Sanford C. Bernstein boosted their target price on shares of Robinhood Markets from $30.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Morgan Stanley boosted their target price on shares of Robinhood Markets from $64.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Robinhood Markets from $38.00 to $60.00 and gave the company a “market perform” rating in a report on Tuesday, February 18th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Robinhood Markets currently has an average rating of “Moderate Buy” and a consensus price target of $60.13.

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.