DAVENPORT & Co LLC Lowers Position in Robinhood Markets, Inc. $HOOD

DAVENPORT & Co LLC trimmed its stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 32.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 44,412 shares of the company’s stock after selling 21,487 shares during the period. DAVENPORT & Co LLC’s holdings in Robinhood Markets were worth $6,359,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Hantz Financial Services Inc. boosted its holdings in shares of Robinhood Markets by 120.3% during the 2nd quarter. Hantz Financial Services Inc. now owns 271 shares of the company’s stock valued at $25,000 after purchasing an additional 148 shares during the last quarter. Smithfield Trust Co bought a new stake in shares of Robinhood Markets in the second quarter worth about $29,000. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Robinhood Markets in the second quarter worth about $34,000. V Square Quantitative Management LLC purchased a new stake in shares of Robinhood Markets in the second quarter worth about $36,000. Finally, LGT Financial Advisors LLC bought a new position in Robinhood Markets during the second quarter valued at approximately $37,000. 93.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

HOOD has been the topic of a number of research reports. The Goldman Sachs Group lifted their price objective on Robinhood Markets from $134.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Keefe, Bruyette & Woods raised their target price on shares of Robinhood Markets from $121.00 to $135.00 and gave the company a “market perform” rating in a report on Thursday, November 6th. Piper Sandler reaffirmed an “overweight” rating on shares of Robinhood Markets in a research note on Wednesday, November 26th. Needham & Company LLC reiterated a “buy” rating and set a $145.00 price objective on shares of Robinhood Markets in a research report on Friday, December 5th. Finally, Bank of America reduced their target price on shares of Robinhood Markets from $166.00 to $154.00 and set a “buy” rating on the stock in a report on Wednesday, December 10th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $137.30.

Insiders Place Their Bets

In other news, insider Daniel Martin Gallagher, Jr. sold 120,000 shares of Robinhood Markets stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $132.13, for a total transaction of $15,855,600.00. Following the completion of the sale, the insider directly owned 430,012 shares in the company, valued at approximately $56,817,485.56. This trade represents a 21.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven M. Quirk sold 49,942 shares of the business’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $131.15, for a total transaction of $6,549,893.30. Following the sale, the insider directly owned 54,496 shares of the company’s stock, valued at $7,147,150.40. This represents a 47.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 3,686,763 shares of company stock worth $475,848,059. 14.47% of the stock is currently owned by company insiders.

Robinhood Markets Price Performance

Shares of NASDAQ:HOOD opened at $120.32 on Friday. The firm has a market capitalization of $108.19 billion, a PE ratio of 49.92, a price-to-earnings-growth ratio of 2.20 and a beta of 2.43. The business has a 50 day simple moving average of $128.03 and a two-hundred day simple moving average of $114.87. Robinhood Markets, Inc. has a 1 year low of $29.66 and a 1 year high of $153.86.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.20. Robinhood Markets had a return on equity of 21.74% and a net margin of 52.19%.The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the business posted $0.17 earnings per share. The company’s revenue for the quarter was up 100.0% on a year-over-year basis. Equities research analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Robinhood Markets Profile

Robinhood Markets, Inc (NASDAQ: HOOD) is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to “democratize finance for all.” Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood’s core products and services include a mobile app and web platform for trading U.S.