Geode Capital Management LLC Raises Holdings in Robinhood Markets, Inc. (NASDAQ:HOOD)

Geode Capital Management LLC boosted its position in Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 19.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,620,673 shares of the company's stock after buying an additional 1,895,427 shares during the period. Geode Capital Management LLC owned approximately 1.31% of Robinhood Markets worth $271,708,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of HOOD. Public Employees Retirement System of Ohio boosted its holdings in shares of Robinhood Markets by 15.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 303,629 shares of the company's stock valued at $7,111,000 after acquiring an additional 40,647 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in Robinhood Markets by 12.6% in the third quarter. Nomura Asset Management Co. Ltd. now owns 154,100 shares of the company's stock valued at $3,609,000 after purchasing an additional 17,200 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Robinhood Markets in the third quarter valued at $1,965,000. MML Investors Services LLC grew its position in Robinhood Markets by 58.0% during the 3rd quarter. MML Investors Services LLC now owns 51,839 shares of the company's stock worth $1,214,000 after purchasing an additional 19,027 shares during the period. Finally, Main Management ETF Advisors LLC purchased a new position in shares of Robinhood Markets during the 3rd quarter valued at about $1,872,000. Institutional investors and hedge funds own 93.27% of the company's stock.

Robinhood Markets Trading Up 2.2 %

NASDAQ:HOOD traded up $0.87 during trading hours on Friday, hitting $40.20. 19,794,863 shares of the stock were exchanged, compared to its average volume of 16,822,104. The firm's fifty day moving average price is $31.70 and its 200 day moving average price is $25.04. Robinhood Markets, Inc. has a 52-week low of $10.38 and a 52-week high of $42.76. The company has a market cap of $35.54 billion, a P/E ratio of 68.14, a P/E/G ratio of 0.76 and a beta of 2.09.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.01). The firm had revenue of $637.00 million for the quarter, compared to analysts' expectations of $660.53 million. Robinhood Markets had a return on equity of 7.52% and a net margin of 21.80%. The firm's revenue for the quarter was up 36.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. Equities analysts expect that Robinhood Markets, Inc. will post 0.8 EPS for the current fiscal year.

Insider Activity

In related news, insider Daniel Martin Gallagher, Jr. sold 23,293 shares of Robinhood Markets stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $23.42, for a total transaction of $545,522.06. Following the transaction, the insider now owns 1,070,000 shares in the company, valued at approximately $25,059,400. This trade represents a 2.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Baiju Bhatt sold 186,514 shares of the company's stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $38.13, for a total value of $7,111,778.82. Following the completion of the sale, the director now owns 2,521 shares of the company's stock, valued at approximately $96,125.73. The trade was a 98.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,037,689 shares of company stock worth $177,092,487 over the last three months. Insiders own 19.95% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Morgan Stanley upgraded Robinhood Markets from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $24.00 to $55.00 in a research note on Monday, November 25th. Barclays upgraded Robinhood Markets from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $26.00 to $49.00 in a research report on Monday, December 9th. Piper Sandler lifted their target price on shares of Robinhood Markets from $36.00 to $42.00 and gave the company an "overweight" rating in a report on Monday, December 2nd. KeyCorp increased their price target on shares of Robinhood Markets from $30.00 to $47.00 and gave the stock an "overweight" rating in a report on Thursday, December 5th. Finally, JMP Securities lifted their price objective on shares of Robinhood Markets from $33.00 to $40.00 and gave the company a "market outperform" rating in a report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $38.13.

Robinhood Markets 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.