Bank of New York Mellon Corp Grows Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Bank of New York Mellon Corp grew its stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 17.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,986,078 shares of the company’s stock after purchasing an additional 436,320 shares during the quarter. Bank of New York Mellon Corp’s holdings in Robinhood Markets were worth $124,281,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Whipplewood Advisors LLC boosted its stake in shares of Robinhood Markets by 564.4% during the first quarter. Whipplewood Advisors LLC now owns 598 shares of the company’s stock valued at $25,000 after purchasing an additional 508 shares during the period. Wayfinding Financial LLC purchased a new position in Robinhood Markets during the 1st quarter valued at $30,000. CoreCap Advisors LLC increased its position in 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 purchasing an additional 550 shares during the period. Creative Financial Designs Inc. ADV raised its holdings in Robinhood Markets by 750.0% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company’s stock worth $32,000 after purchasing an additional 750 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of Robinhood Markets by 139.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 854 shares of the company’s stock worth $36,000 after purchasing an additional 498 shares during the period. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Insider Activity

In related news, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $93.27, for a total value of $69,952,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Baiju Bhatt sold 418,338 shares of Robinhood Markets stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $64.46, for a total value of $26,966,067.48. Following the completion of the sale, the director owned 7,863 shares of the company’s stock, valued at $506,848.98. The trade was a 98.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,466,838 shares of company stock worth $178,848,489 over the last three months. 19.95% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on HOOD. Needham & Company LLC reaffirmed a “buy” rating and issued a $71.00 target price on shares of Robinhood Markets in a research report on Tuesday, May 27th. Morgan Stanley raised their target price on shares of Robinhood Markets from $40.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 13th. JPMorgan Chase & Co. raised their target price on shares of Robinhood Markets from $44.00 to $47.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. Barclays dropped their target price on shares of Robinhood Markets from $76.00 to $45.00 and set an “overweight” rating for the company in a research report on Monday, April 7th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $70.00 target price on shares of Robinhood Markets in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $72.71.

Robinhood Markets Price Performance

Shares of NASDAQ:HOOD opened at $91.27 on Wednesday. Robinhood Markets, Inc. has a 1-year low of $13.98 and a 1-year high of $100.88. The business has a fifty day moving average price of $70.54 and a 200-day moving average price of $54.21. The company has a market capitalization of $80.82 billion, a PE ratio of 51.86, a PEG ratio of 4.75 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD) last issued 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 48.77% and a return on equity of 15.42%. The company had revenue of $927.00 million for the quarter, compared to the consensus estimate of $917.12 million. During the same quarter in the previous year, the business earned $0.18 earnings per share. Robinhood Markets’s revenue was up 50.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

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.