Axxcess Wealth Management LLC Sells 6,888 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Axxcess Wealth Management LLC reduced its stake in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 34.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 12,885 shares of the company's stock after selling 6,888 shares during the quarter. Axxcess Wealth Management LLC's holdings in Robinhood Markets were worth $480,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Toronto Dominion Bank boosted its holdings in shares of Robinhood Markets by 31.1% during the 3rd quarter. Toronto Dominion Bank now owns 68,408 shares of the company's stock worth $1,602,000 after buying an additional 16,219 shares during the period. IFP Advisors Inc boosted its holdings in Robinhood Markets by 601.1% during the fourth quarter. IFP Advisors Inc now owns 4,396 shares of the company's stock valued at $164,000 after acquiring an additional 3,769 shares during the period. Everence Capital Management Inc. bought a new stake in Robinhood Markets during the fourth quarter valued at about $634,000. Charles Schwab Investment Management Inc. grew its position in shares of Robinhood Markets by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,719,732 shares of the company's stock valued at $175,857,000 after purchasing an additional 138,267 shares during the last quarter. Finally, Atomi Financial Group Inc. increased its stake in shares of Robinhood Markets by 20.7% in the fourth quarter. Atomi Financial Group Inc. now owns 540,910 shares of the company's stock worth $20,154,000 after purchasing an additional 92,613 shares during the period. Institutional investors and hedge funds own 93.27% of the company's stock.

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Analyst Ratings Changes

Several brokerages recently weighed in on HOOD. Cantor Fitzgerald started coverage on Robinhood Markets in a research note on Thursday, March 6th. They set an "overweight" rating and a $69.00 target price for the company. Piper Sandler increased their price objective on Robinhood Markets from $54.00 to $75.00 and gave the company an "overweight" rating in a research report on Thursday, February 13th. Morgan Stanley boosted their target price on shares of Robinhood Markets from $64.00 to $90.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Robinhood Markets from $75.00 to $61.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Robinhood Markets from $39.00 to $45.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $61.29.

Insider Activity

In related news, Director Baiju Bhatt sold 522,180 shares of the firm's stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $62.70, for a total value of $32,740,686.00. Following the completion of the sale, the director now owns 5,042 shares of the company's stock, valued at $316,133.40. This trade represents a 99.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Vladimir Tenev sold 750,000 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $39.16, for a total transaction of $29,370,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,685,104 shares of company stock worth $131,233,346. 19.95% of the stock is owned by corporate insiders.

Robinhood Markets Price Performance

Shares of Robinhood Markets stock traded down $0.21 during midday trading on Tuesday, hitting $48.15. 43,260,949 shares of the company were exchanged, compared to its average volume of 21,210,096. The firm has a 50 day simple moving average of $49.22 and a 200-day simple moving average of $37.61. Robinhood Markets, Inc. has a 52 week low of $13.98 and a 52 week high of $66.91. The firm has a market cap of $42.63 billion, a P/E ratio of 30.67, a PEG ratio of 1.05 and a beta of 2.14.

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 the consensus estimate of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. Equities research analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share 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.