Bank of Nova Scotia Invests $11.63 Million in Robinhood Markets, Inc. (NASDAQ:HOOD)

Bank of Nova Scotia purchased a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 312,047 shares of the company's stock, valued at approximately $11,627,000.

Several other institutional investors have also recently made changes to their positions in the company. Toronto Dominion Bank increased its holdings in Robinhood Markets by 31.1% during the third quarter. Toronto Dominion Bank now owns 68,408 shares of the company's stock valued at $1,602,000 after buying an additional 16,219 shares during the period. IFP Advisors Inc lifted its stake in shares of Robinhood Markets by 601.1% during the 4th quarter. IFP Advisors Inc now owns 4,396 shares of the company's stock worth $164,000 after purchasing an additional 3,769 shares during the last quarter. Everence Capital Management Inc. purchased a new position in Robinhood Markets in the fourth quarter valued at about $634,000. Charles Schwab Investment Management Inc. raised its holdings in 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 worth $175,857,000 after purchasing an additional 138,267 shares in the last quarter. Finally, Atomi Financial Group Inc. grew its position in shares of Robinhood Markets by 20.7% in the 4th quarter. Atomi Financial Group Inc. now owns 540,910 shares of the company's stock worth $20,154,000 after buying an additional 92,613 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Remove Ads

Insider Buying and Selling at Robinhood Markets

In related news, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the company's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $34.51, for a total transaction of $201,987.03. Following the transaction, the chief technology officer now owns 5,853 shares of the company's stock, valued at $201,987.03. This represents a 50.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Baiju Bhatt sold 90,866 shares of the business's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $45.27, for a total transaction of $4,113,503.82. Following the sale, the director now owns 5,042 shares in the company, valued at $228,251.34. The trade was a 94.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,651,987 shares of company stock worth $132,806,233 over the last three months. Insiders own 19.95% of the company's stock.

Robinhood Markets Stock Up 0.9 %

NASDAQ:HOOD traded up $0.39 on Tuesday, reaching $44.53. 15,904,807 shares of the company's stock were exchanged, compared to its average volume of 23,886,956. Robinhood Markets, Inc. has a 52-week low of $13.98 and a 52-week high of $66.91. The firm has a market capitalization of $39.43 billion, a price-to-earnings ratio of 28.31, a price-to-earnings-growth ratio of 1.05 and a beta of 2.17. The business has a fifty day moving average of $46.25 and a 200-day moving average of $39.76.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.54 EPS 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%. As a group, equities analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Mizuho raised their target price on shares of Robinhood Markets from $60.00 to $65.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. Compass Point began coverage on Robinhood Markets in a research note on Wednesday, March 19th. They set a "buy" rating and a $61.00 price target on the stock. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Robinhood Markets from $75.00 to $61.00 and set a "buy" rating on the stock in a research note on Wednesday, March 12th. Barclays lowered their target price on shares of Robinhood Markets from $76.00 to $45.00 and set an "overweight" rating on the stock in a research note on Monday, April 7th. Finally, Raymond James began coverage on Robinhood Markets in a report on Wednesday, February 5th. They issued a "market perform" rating for the company. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $55.06.

Robinhood Markets Company Profile

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.