Robinhood Markets, Inc. $HOOD Shares Sold by Altimeter Capital Management LP

Altimeter Capital Management LP trimmed its stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 50.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,293,292 shares of the company’s stock after selling 1,303,583 shares during the period. Robinhood Markets comprises 2.2% of Altimeter Capital Management LP’s holdings, making the stock its 13th largest position. Altimeter Capital Management LP’s holdings in Robinhood Markets were worth $146,271,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Altshuler Shaham Ltd acquired a new stake in Robinhood Markets in the fourth quarter valued at approximately $56,041,000. 9823 Capital L.P. acquired a new stake in Robinhood Markets in the fourth quarter valued at approximately $226,000. Guggenheim Capital LLC grew its holdings in Robinhood Markets by 74.6% in the fourth quarter. Guggenheim Capital LLC now owns 22,384 shares of the company’s stock valued at $2,532,000 after purchasing an additional 9,561 shares during the period. Integrated Advisors Network LLC grew its holdings in Robinhood Markets by 5.7% in the fourth quarter. Integrated Advisors Network LLC now owns 2,494 shares of the company’s stock valued at $282,000 after purchasing an additional 135 shares during the period. Finally, DV Equities LLC acquired a new stake in Robinhood Markets in the fourth quarter valued at approximately $126,000. 93.27% of the stock is owned by institutional investors and hedge funds.

Robinhood Markets Price Performance

Shares of NASDAQ:HOOD opened at $105.20 on Thursday. The business’s 50 day moving average price is $81.94 and its 200-day moving average price is $91.51. The firm has a market capitalization of $94.73 billion, a PE ratio of 50.82, a P/E/G ratio of 2.42 and a beta of 2.35. Robinhood Markets, Inc. has a 1 year low of $63.51 and a 1 year high of $153.86.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.01). The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.14 billion. Robinhood Markets had a return on equity of 21.39% and a net margin of 41.12%.The business’s revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.37 earnings per share. As a group, analysts expect that Robinhood Markets, Inc. will post 1.83 earnings per share for the current year.

Key Headlines Impacting Robinhood Markets

Here are the key news stories impacting Robinhood Markets this week:

• Positive Sentiment: Robinhood announced a planned 10% workforce reduction, which investors are interpreting as a cost-cutting move that could improve efficiency and margins. The company said the restructuring is aimed at flattening management and speeding product launches. WSJ: Robinhood Markets to Cut 10% of Workforce in Restructuring
• Positive Sentiment: Management also said trading activity is running at record levels in June, signaling strong platform engagement and potentially better near-term revenue trends. Motley Fool: Robinhood Jumps After Announcing 10% Workforce Reduction, Record June Volumes
• Positive Sentiment: Wall Street responded favorably, with Argus raising its price target on HOOD to $110 from $90 and reiterating a buy rating, reinforcing confidence in the company’s growth outlook. Yahoo Finance: Robinhood Stock Is Soaring A Day After Big Layoffs. This Is Why.
• Positive Sentiment: Multiple reports say analysts remain broadly bullish on Robinhood despite the layoffs, suggesting investors see the company’s growth story as intact. Invezz: Robinhood stock gains as analysts back growth despite layoffs
• Neutral Sentiment: There was also insider selling by CFO Shiv Verma and director Baiju Bhatt, but both sales were disclosed as pre-arranged 10b5-1 transactions, so the market may treat them as routine rather than a major warning sign. SEC filing: Shiv Verma sale SEC filing: Baiju Bhatt sale

Analysts Set New Price Targets

Several brokerages have commented on HOOD. Mizuho raised their price objective on Robinhood Markets from $110.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, May 29th. KeyCorp reissued an “overweight” rating and issued a $100.00 price objective on shares of Robinhood Markets in a report on Monday, June 1st. The Goldman Sachs Group raised their price objective on Robinhood Markets from $95.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Weiss Ratings reissued a “hold (c)” rating on shares of Robinhood Markets in a report on Friday, March 27th. Finally, New Street Research set a $122.00 price objective on Robinhood Markets in a report on Thursday, March 5th. Eighteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $112.36.

Insider Transactions at Robinhood Markets

In other news, insider Steven M. Quirk sold 10,837 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $85.91, for a total value of $931,006.67. Following the sale, the insider directly owned 81,989 shares of the company’s stock, valued at $7,043,674.99. The trade was a 11.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Baiju Bhatt sold 57,898 shares of Robinhood Markets stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $89.63, for a total value of $5,189,397.74. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders acquired 680,000 shares of company stock valued at $55,306,560 and sold 633,484 shares valued at $47,542,923. Insiders own 14.47% of the company’s stock.

Robinhood Markets Company Profile

Robinhood Markets, Inc (NASDAQ: HOOD) is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to “democratize finance for all.” Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood’s core products and services include a mobile app and web platform for trading U.S.