Connective Capital Management LLC Acquires New Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Connective Capital Management LLC acquired a new stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 14,626 shares of the company’s stock, valued at approximately $545,000. Robinhood Markets accounts for approximately 0.6% of Connective Capital Management LLC’s portfolio, making the stock its 28th biggest position.

A number of other hedge funds also recently made changes to their positions in the stock. MetLife Investment Management LLC grew its stake in shares of Robinhood Markets by 1.5% during the 4th quarter. MetLife Investment Management LLC now owns 11,806 shares of the company’s stock valued at $440,000 after acquiring an additional 171 shares during the period. Dorsey & Whitney Trust CO LLC grew its stake in shares of Robinhood Markets by 2.4% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 9,867 shares of the company’s stock valued at $368,000 after acquiring an additional 233 shares during the period. First Horizon Advisors Inc. grew its stake in shares of Robinhood Markets by 7.8% during the 4th quarter. First Horizon Advisors Inc. now owns 3,822 shares of the company’s stock valued at $142,000 after acquiring an additional 277 shares during the period. Spire Wealth Management grew its stake in shares of Robinhood Markets by 104.6% during the 4th quarter. Spire Wealth Management now owns 1,074 shares of the company’s stock valued at $40,000 after acquiring an additional 549 shares during the period. Finally, CoreCap Advisors LLC grew its stake in shares of Robinhood Markets by 191.6% during the 4th quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock valued at $31,000 after acquiring an additional 550 shares during the period. 93.27% of the stock is currently owned by institutional investors.

Insider Activity at Robinhood Markets

In related news, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $46.81, for a total transaction of $273,978.93. Following the sale, the chief technology officer now owns 17,559 shares in the company, valued at approximately $821,936.79. This represents a 25.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $41.96, for a total value of $31,470,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,897,622 shares of company stock worth $86,956,156. Company insiders own 14.47% of the company’s stock.

Analyst Ratings Changes

HOOD has been the subject of several recent analyst reports. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $60.00 price target on shares of Robinhood Markets in a research note on Thursday, March 27th. The Goldman Sachs Group upped their price target on Robinhood Markets from $56.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, May 14th. Piper Sandler upped their price target on Robinhood Markets from $54.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Citigroup dropped their price target on Robinhood Markets from $60.00 to $50.00 and set a “neutral” rating for the company in a research note on Wednesday, April 2nd. Finally, Raymond James initiated coverage on Robinhood Markets in a research note on Wednesday, February 5th. They issued a “market perform” rating for the company. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Robinhood Markets has a consensus rating of “Moderate Buy” and an average target price of $55.41.

Robinhood Markets Price Performance

Shares of HOOD opened at $64.91 on Wednesday. The stock has a market capitalization of $57.48 billion, a price-to-earnings ratio of 41.34, a price-to-earnings-growth ratio of 1.05 and a beta of 2.15. Robinhood Markets, Inc. has a 1 year low of $13.98 and a 1 year high of $66.91. The business’s 50 day simple moving average is $46.35 and its 200-day simple moving average is $44.22.

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

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.