Freedom Investment Management Inc. Sells 2,177 Shares of Robinhood Markets, Inc. $HOOD

Freedom Investment Management Inc. cut its stake in Robinhood Markets, Inc. (NASDAQ:HOOD) by 42.2% in the 2nd quarter, Holdings Channel reports. The firm owned 2,980 shares of the company’s stock after selling 2,177 shares during the period. Freedom Investment Management Inc.’s holdings in Robinhood Markets were worth $279,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in HOOD. WCM Investment Management LLC raised its holdings in Robinhood Markets by 3,615.7% in the 2nd quarter. WCM Investment Management LLC now owns 11,555,160 shares of the company’s stock worth $1,081,910,000 after purchasing an additional 11,244,182 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new position in Robinhood Markets in the 2nd quarter worth $951,479,000. Vanguard Group Inc. raised its holdings in Robinhood Markets by 8.6% in the 1st quarter. Vanguard Group Inc. now owns 74,241,080 shares of the company’s stock worth $3,089,914,000 after purchasing an additional 5,874,701 shares in the last quarter. AGF Management Ltd. raised its holdings in Robinhood Markets by 286.0% in the 1st quarter. AGF Management Ltd. now owns 5,743,715 shares of the company’s stock worth $239,053,000 after purchasing an additional 4,255,862 shares in the last quarter. Finally, Wealthquest Corp bought a new position in Robinhood Markets in the 1st quarter worth $156,193,000. 93.27% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Meyer Malka sold 1,093,288 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $103.87, for a total value of $113,559,824.56. Following the transaction, the director owned 3,976,234 shares of the company’s stock, valued at approximately $413,011,425.58. This trade represents a 21.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Vladimir Tenev sold 750,000 shares of the firm’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 disclosure for this sale can be found here. Insiders have sold a total of 5,175,598 shares of company stock valued at $579,779,430 in the last 90 days. 19.95% of the stock is owned by insiders.

Analysts Set New Price Targets

HOOD has been the subject of several research reports. Bank of America upped their price objective on shares of Robinhood Markets from $139.00 to $157.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd. KeyCorp upped their target price on shares of Robinhood Markets from $60.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. Loop Capital set a $161.00 target price on shares of Robinhood Markets in a research report on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Robinhood Markets in a research report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Robinhood Markets from $89.00 to $106.00 and gave the stock a “market perform” rating in a research report on Thursday, July 31st. Thirteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $122.85.

Robinhood Markets Stock Up 4.3%

Shares of NASDAQ HOOD opened at $145.86 on Tuesday. The firm’s 50-day moving average price is $124.03 and its 200-day moving average price is $93.77. The company has a market cap of $129.62 billion, a PE ratio of 74.04, a PEG ratio of 3.63 and a beta of 2.42. Robinhood Markets, Inc. has a 52-week low of $23.00 and a 52-week high of $153.86.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.12. The company had revenue of $989.00 million for the quarter, compared to the consensus estimate of $893.93 million. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.48%. The firm’s revenue was up 45.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.21 earnings per share. As a group, equities research analysts anticipate that Robinhood Markets, Inc. will post 1.35 EPS 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.