Allstate Corp Buys New Stake in Robinhood Markets, Inc. (NASDAQ:HOOD)

Allstate Corp acquired a new stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 15,805 shares of the company's stock, valued at approximately $589,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. New Wave Wealth Advisors LLC purchased a new position in shares of Robinhood Markets in the fourth quarter valued at $26,000. Creative Financial Designs Inc. ADV increased its holdings in shares of Robinhood Markets by 750.0% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company's stock worth $32,000 after buying an additional 750 shares during the last quarter. Silicon Valley Capital Partners purchased a new stake in shares of Robinhood Markets during the 4th quarter valued at about $37,000. Bogart Wealth LLC bought a new position in shares of Robinhood Markets in the 4th quarter valued at about $37,000. Finally, Spire Wealth Management grew its position in Robinhood Markets by 104.6% in the fourth quarter. Spire Wealth Management now owns 1,074 shares of the company's stock worth $40,000 after acquiring an additional 549 shares in the last quarter. Institutional investors own 93.27% of the company's stock.

Insider Activity

In other news, Director Baiju Bhatt sold 228,645 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $40.37, for a total value of $9,230,398.65. Following the transaction, the director now directly owns 5,042 shares of the company's stock, valued at approximately $203,545.54. This represents a 97.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel Martin Gallagher, Jr. sold 100,000 shares of the firm's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $40.45, for a total value of $4,045,000.00. Following the completion of the transaction, the insider now owns 731,642 shares of the company's stock, valued at approximately $29,594,918.90. The trade was a 12.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,205,655 shares of company stock worth $113,702,448 over the last 90 days. 19.95% of the stock is currently owned by corporate insiders.

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Robinhood Markets Stock Performance

HOOD traded down $4.42 on Thursday, hitting $38.26. The company had a trading volume of 62,057,014 shares, compared to its average volume of 22,273,558. The stock has a market capitalization of $33.88 billion, a price-to-earnings ratio of 24.37, a P/E/G ratio of 1.05 and a beta of 2.14. The stock has a fifty day moving average price of $48.73 and a 200-day moving average price of $38.63. Robinhood Markets, Inc. has a 12-month low of $13.98 and a 12-month high of $66.91.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) 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%. Analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

HOOD has been the subject of several analyst reports. Wolfe Research downgraded shares of Robinhood Markets from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, February 18th. The Goldman Sachs Group raised Robinhood Markets from a "neutral" rating to a "buy" rating and raised their price target for the stock from $40.00 to $46.00 in a research note on Friday, December 6th. Cantor Fitzgerald assumed coverage on Robinhood Markets in a research report on Thursday, March 6th. They issued an "overweight" rating and a $69.00 price objective on the stock. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $60.00 target price on shares of Robinhood Markets in a research report on Thursday, March 27th. Finally, JMP Securities upped their price target on shares of Robinhood Markets from $60.00 to $77.00 and gave the stock a "market outperform" rating in a report on Thursday, February 13th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $60.24.

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.