Axxcess Wealth Management LLC Decreases Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Axxcess Wealth Management LLC lowered its stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 34.8% during the fourth quarter, Holdings Channel reports. The fund owned 12,885 shares of the company’s stock after selling 6,888 shares during the period. Axxcess Wealth Management LLC’s holdings in Robinhood Markets were worth $480,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of HOOD. Victory Capital Management Inc. increased its holdings in Robinhood Markets by 85.3% during the 3rd quarter. Victory Capital Management Inc. now owns 117,383 shares of the company’s stock worth $2,749,000 after purchasing an additional 54,046 shares during the period. CIBC Asset Management Inc increased its stake in shares of Robinhood Markets by 3.4% during the third quarter. CIBC Asset Management Inc now owns 21,731 shares of the company’s stock worth $509,000 after buying an additional 724 shares during the period. Natixis Advisors LLC raised its holdings in Robinhood Markets by 44.0% in the third quarter. Natixis Advisors LLC now owns 33,980 shares of the company’s stock valued at $796,000 after acquiring an additional 10,376 shares in the last quarter. Quest Partners LLC lifted its stake in Robinhood Markets by 1,008.4% in the third quarter. Quest Partners LLC now owns 15,086 shares of the company’s stock worth $353,000 after acquiring an additional 13,725 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Robinhood Markets during the 3rd quarter worth approximately $365,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on HOOD shares. Morgan Stanley raised their price objective on shares of Robinhood Markets from $64.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Cantor Fitzgerald started coverage on Robinhood Markets in a report on Thursday, March 6th. They set an “overweight” rating and a $69.00 price target for the company. Keefe, Bruyette & Woods upped their price objective on Robinhood Markets from $38.00 to $60.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 18th. Compass Point began coverage on Robinhood Markets in a research report on Wednesday. They set a “buy” rating and a $61.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Robinhood Markets from $75.00 to $61.00 and set a “buy” rating for the company in a report on Wednesday, March 12th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $61.29.

Insider Activity at Robinhood Markets

In other news, insider Steven M. Quirk sold 123,272 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $55.80, for a total value of $6,878,577.60. Following the completion of the sale, the insider now directly owns 298,826 shares of the company’s stock, valued at $16,674,490.80. This trade represents a 29.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel Martin Gallagher, Jr. sold 300,000 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $37.51, for a total value of $11,253,000.00. Following the transaction, the insider now directly owns 806,955 shares in the company, valued at $30,268,882.05. This represents a 27.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,979,251 shares of company stock worth $142,232,560 in the last three months. Insiders own 19.95% of the company’s stock.

Robinhood Markets Stock Performance

Shares of HOOD opened at $44.36 on Friday. Robinhood Markets, Inc. has a fifty-two week low of $13.98 and a fifty-two week high of $66.91. The firm has a 50-day simple moving average of $49.04 and a 200-day simple moving average of $37.16. The company has a market capitalization of $39.28 billion, a price-to-earnings ratio of 28.25, a price-to-earnings-growth ratio of 1.05 and a beta of 2.14.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. Equities research analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current 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.