SummitTX Capital L.P. Acquires Shares of 56,262 Robinhood Markets, Inc. $HOOD

SummitTX Capital L.P. bought a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 56,262 shares of the company’s stock, valued at approximately $3,899,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Empowered Funds LLC grew its stake in shares of Robinhood Markets by 46.7% during the first quarter. Empowered Funds LLC now owns 49,870 shares of the company’s stock worth $2,076,000 after purchasing an additional 15,885 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Robinhood Markets in the second quarter valued at about $5,105,000. Federated Hermes Inc. boosted its holdings in Robinhood Markets by 106.2% during the second quarter. Federated Hermes Inc. now owns 63,957 shares of the company’s stock worth $5,988,000 after buying an additional 32,933 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in Robinhood Markets by 19.1% during the second quarter. NewEdge Advisors LLC now owns 89,676 shares of the company’s stock worth $8,396,000 after buying an additional 14,356 shares during the last quarter. Finally, Nebula Research & Development LLC acquired a new position in shares of Robinhood Markets during the 2nd quarter worth about $1,316,000. Institutional investors own 93.27% of the company’s stock.

Robinhood Markets News Roundup

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

• Positive Sentiment: Robinhood is reportedly considering a partnership with Crypto.com to expand its prediction-market offerings. The arrangement could improve market reliability, broaden event coverage and allow Robinhood to capture more economics from the growing business. HOOD Eyes Deeper Push Into Prediction Markets: What Does This Mean?
• Positive Sentiment: Robinhood’s blockchain strategy is gaining attention, with its Robinhood Chain reportedly ranking third among applications by weekly fees at approximately $25 million. Growth in real-world assets, meme coins and prediction markets could create additional transaction and platform revenue opportunities. Robinhood Bets on 3 Crypto Sectors as Blockchain Fees Hit $25 Million
• Neutral Sentiment: Robinhood is scheduled to report second-quarter earnings, with investors looking for continued strength in stock and options trading. The prediction-market initiative offers a potential growth avenue, but any Crypto.com agreement remains unconfirmed and could face regulatory scrutiny. Robinhood to Report Earnings Tomorrow
• Negative Sentiment: Analysts caution that weak cryptocurrency activity, rising expenses and Robinhood’s premium valuation cloud the outlook heading into earnings. The stock’s elevated valuation leaves less room for disappointment if revenue or guidance falls short of expectations. Buy, Hold or Sell Robinhood Stock? Key Insights Ahead of Q2 Earnings

Analyst Ratings Changes

A number of brokerages recently weighed in on HOOD. Wall Street Zen upgraded shares of Robinhood Markets from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. Jefferies Financial Group decreased their price objective on shares of Robinhood Markets from $88.00 to $84.00 and set a “buy” rating for the company in a report on Monday, April 6th. Morgan Stanley upped their target price on shares of Robinhood Markets from $95.00 to $124.00 and gave the company an “equal weight” rating in a research note on Friday, July 10th. Citigroup reiterated a “market outperform” rating on shares of Robinhood Markets in a report on Thursday, May 28th. Finally, Argus boosted their price target on shares of Robinhood Markets from $90.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, June 17th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Robinhood Markets presently has a consensus rating of “Moderate Buy” and an average price target of $122.22.

Robinhood Markets Stock Performance

Shares of HOOD stock opened at $95.65 on Tuesday. The firm’s 50-day moving average is $96.89 and its 200-day moving average is $88.19. Robinhood Markets, Inc. has a 52-week low of $63.51 and a 52-week high of $153.86. The stock has a market cap of $86.13 billion, a price-to-earnings ratio of 46.21, a PEG ratio of 2.00 and a beta of 2.33.

Robinhood Markets (NASDAQ:HOOD) last announced its earnings results on Tuesday, April 28th. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.01). The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.14 billion. Robinhood Markets had a return on equity of 21.39% and a net margin of 41.12%.The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.37 earnings per share. Sell-side analysts predict that Robinhood Markets, Inc. will post 1.86 EPS for the current fiscal year.

Insider Activity at Robinhood Markets

In other news, insider Daniel Martin Gallagher, Jr. sold 10,000 shares of Robinhood Markets stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $83.68, for a total transaction of $836,800.00. Following the sale, the insider directly owned 481,396 shares of the company’s stock, valued at approximately $40,283,217.28. This trade represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven M. Quirk sold 19,377 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $119.96, for a total value of $2,324,464.92. Following the transaction, the insider directly owned 62,612 shares of the company’s stock, valued at approximately $7,510,935.52. This represents a 23.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders acquired 680,000 shares of company stock valued at $55,306,560 and sold 582,040 shares valued at $62,113,242. 13.48% of the stock is currently owned by corporate insiders.

Robinhood Markets 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.