Kovitz Investment Group Partners LLC Takes Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Kovitz Investment Group Partners LLC purchased a new position in Robinhood Markets, Inc. (NASDAQ:HOOD) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 15,221 shares of the company’s stock, valued at approximately $567,000.

Several other hedge funds have also recently bought and sold shares of HOOD. FMR LLC lifted its holdings in shares of Robinhood Markets by 184.8% in the fourth quarter. FMR LLC now owns 40,237,478 shares of the company’s stock valued at $1,499,248,000 after purchasing an additional 26,107,934 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Robinhood Markets by 4.8% during the 4th quarter. Geode Capital Management LLC now owns 12,175,972 shares of the company’s stock worth $455,464,000 after purchasing an additional 555,299 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Robinhood Markets by 34.4% in the 4th quarter. Renaissance Technologies LLC now owns 12,078,116 shares of the company’s stock valued at $450,031,000 after buying an additional 3,091,514 shares in the last quarter. Norges Bank acquired a new stake in Robinhood Markets during the 4th quarter valued at $329,598,000. Finally, GQG Partners LLC purchased a new position in Robinhood Markets during the fourth quarter worth $302,325,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Vladimir Tenev sold 750,000 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $41.96, for a total transaction of $31,470,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Baiju Bhatt sold 94,156 shares of the company’s stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $50.67, for a total value of $4,770,884.52. Following the completion of the transaction, the director now owns 7,863 shares of the company’s stock, valued at approximately $398,418.21. This represents a 92.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,334,593 shares of company stock worth $114,815,021 over the last quarter. 19.95% of the stock is owned by corporate insiders.

Robinhood Markets Stock Performance

NASDAQ HOOD opened at $46.62 on Friday. The firm has a market capitalization of $41.28 billion, a price-to-earnings ratio of 29.69, a PEG ratio of 1.05 and a beta of 2.17. Robinhood Markets, Inc. has a one year low of $13.98 and a one year high of $66.91. The company’s 50 day moving average price is $43.03 and its 200 day moving average price is $41.41.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, April 30th. The company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.04). Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. The business had revenue of $927.00 million during the quarter, compared to analysts’ expectations of $917.12 million. During the same period in the prior year, the business posted $0.18 EPS. The business’s revenue was up 50.0% on a year-over-year basis. Sell-side analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on HOOD. Deutsche Bank Aktiengesellschaft decreased their price objective on Robinhood Markets from $75.00 to $61.00 and set a “buy” rating on the stock in a research note on Wednesday, March 12th. Barclays lowered their price target on shares of Robinhood Markets from $76.00 to $45.00 and set an “overweight” rating for the company in a report on Monday, April 7th. JPMorgan Chase & Co. boosted their price objective on shares of Robinhood Markets from $44.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday. Morgan Stanley lowered shares of Robinhood Markets from an “overweight” rating to an “equal weight” rating and set a $40.00 target price on the stock. in a research report on Tuesday, April 8th. Finally, Cantor Fitzgerald reduced their price target on Robinhood Markets from $62.00 to $60.00 and set an “overweight” rating on the stock in a research note on Thursday. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.24.

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.