Bank of New York Mellon Corp Reduces Position in Robinhood Markets, Inc. $HOOD

Bank of New York Mellon Corp cut its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 13.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,577,002 shares of the company’s stock after selling 409,076 shares during the period. Bank of New York Mellon Corp owned approximately 0.29% of Robinhood Markets worth $241,285,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Teacher Retirement System of Texas bought a new stake in Robinhood Markets during the 1st quarter valued at about $3,725,000. Principal Financial Group Inc. lifted its holdings in Robinhood Markets by 124.0% during the 1st quarter. Principal Financial Group Inc. now owns 261,457 shares of the company’s stock valued at $10,882,000 after buying an additional 144,725 shares in the last quarter. OneDigital Investment Advisors LLC bought a new stake in Robinhood Markets during the 1st quarter valued at about $408,000. Wayfinding Financial LLC bought a new stake in Robinhood Markets during the 1st quarter valued at about $30,000. Finally, Concurrent Investment Advisors LLC lifted its holdings in Robinhood Markets by 181.6% during the 1st quarter. Concurrent Investment Advisors LLC now owns 20,162 shares of the company’s stock valued at $839,000 after buying an additional 13,002 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Robinhood Markets Stock Performance

NASDAQ:HOOD opened at $142.48 on Thursday. Robinhood Markets, Inc. has a one year low of $26.74 and a one year high of $153.86. The firm has a market cap of $126.62 billion, a P/E ratio of 72.33, a P/E/G ratio of 3.55 and a beta of 2.42. The firm has a 50-day simple moving average of $129.11 and a 200-day simple moving average of $98.72.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.41 by $0.20. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.48%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the business posted $0.17 EPS. The company’s quarterly revenue was up 100.0% compared to the same quarter last year. On average, research analysts predict that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

HOOD has been the subject of a number of research analyst reports. The Goldman Sachs Group lifted their price objective on shares of Robinhood Markets from $134.00 to $152.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Mizuho lifted their price objective on shares of Robinhood Markets from $120.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, September 10th. CICC Research initiated coverage on shares of Robinhood Markets in a report on Monday, October 27th. They set an “outperform” rating and a $155.00 price objective for the company. Citizens Jmp lifted their price objective on shares of Robinhood Markets from $130.00 to $170.00 and gave the company a “mkt outperform” rating in a report on Thursday, October 9th. Finally, Bank of America boosted their price target on shares of Robinhood Markets from $139.00 to $157.00 and gave the company a “buy” rating in a report on Thursday, October 2nd. Thirteen equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Robinhood Markets presently has a consensus rating of “Moderate Buy” and an average price target of $125.10.

Insider Activity

In related news, insider Steven M. Quirk sold 60,113 shares of the business’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $100.91, for a total transaction of $6,066,002.83. Following the completion of the transaction, the insider owned 94,454 shares in the company, valued at $9,531,353.14. The trade was a 38.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Vladimir Tenev sold 750,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $139.73, for a total transaction of $104,797,500.00. The SEC filing for this sale provides additional information. Insiders have sold a total of 3,337,392 shares of company stock worth $397,124,959 over the last 90 days. 14.47% of the stock is currently owned by insiders.

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.