Resona Asset Management Co. Ltd. Increases Stake in Robinhood Markets, Inc. $HOOD

Resona Asset Management Co. Ltd. raised its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 26.7% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 229,786 shares of the company’s stock after purchasing an additional 48,439 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Robinhood Markets were worth $21,211,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Hantz Financial Services Inc. raised its holdings in Robinhood Markets by 120.3% in the 2nd quarter. Hantz Financial Services Inc. now owns 271 shares of the company’s stock worth $25,000 after acquiring an additional 148 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Robinhood Markets in the 2nd quarter worth about $36,000. LGT Financial Advisors LLC purchased a new position in Robinhood Markets in the 2nd quarter worth about $37,000. Atlantic Union Bankshares Corp bought a new position in Robinhood Markets during the 2nd quarter valued at about $37,000. Finally, REAP Financial Group LLC lifted its stake in Robinhood Markets by 44.1% during the 2nd quarter. REAP Financial Group LLC now owns 523 shares of the company’s stock valued at $49,000 after acquiring an additional 160 shares during the period. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Insider Transactions at Robinhood Markets

In other news, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the firm’s stock in a transaction on Monday, October 27th. The shares were sold at an average price of $146.91, for a total transaction of $861,480.24. Following the sale, the chief technology officer directly owned 6,088 shares in the company, valued at $894,388.08. This trade represents a 49.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Baiju Bhatt sold 418,338 shares of Robinhood Markets stock in a transaction on Tuesday, October 21st. The shares were sold at an average price of $133.11, for a total transaction of $55,684,971.18. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 3,385,742 shares of company stock valued at $403,923,453. Company insiders own 14.47% of the company’s stock.

Robinhood Markets Stock Performance

NASDAQ HOOD opened at $127.08 on Friday. The business’s fifty day moving average is $129.58 and its 200 day moving average is $98.91. Robinhood Markets, Inc. has a fifty-two week low of $28.67 and a fifty-two week high of $153.86. The company has a market capitalization of $112.93 billion, a PE ratio of 52.73, a price-to-earnings-growth ratio of 3.70 and a beta of 2.42.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.20. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Robinhood Markets had a return on equity of 22.13% and a net margin of 52.19%.The business’s quarterly revenue was up 100.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.17 earnings per share. On average, sell-side analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Analyst Ratings Changes

HOOD has been the subject of a number of research analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $140.00 price target (up from $120.00) on shares of Robinhood Markets in a research note on Tuesday, September 23rd. Citigroup raised their target price on shares of Robinhood Markets from $120.00 to $135.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Needham & Company LLC boosted their target price on shares of Robinhood Markets from $120.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. CICC Research started coverage on Robinhood Markets in a report on Monday, October 27th. They issued an “outperform” rating and a $155.00 price objective for the company. Finally, Bank of America raised their target price on Robinhood Markets from $139.00 to $157.00 and gave the stock a “buy” rating in a research report on Thursday, October 2nd. Thirteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $132.15.

Robinhood Markets 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.