Norges Bank Acquires New Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Norges Bank acquired a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 8,845,889 shares of the company's stock, valued at approximately $329,598,000. Norges Bank owned 1.00% of Robinhood Markets at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in HOOD. New Wave Wealth Advisors LLC acquired a new stake in shares of Robinhood Markets in the 4th quarter worth approximately $26,000. Creative Financial Designs Inc. ADV boosted its stake in Robinhood Markets by 750.0% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company's stock valued at $32,000 after purchasing an additional 750 shares in the last quarter. Silicon Valley Capital Partners acquired a new position in shares of Robinhood Markets during the 4th quarter valued at $37,000. Bogart Wealth LLC bought a new stake in shares of Robinhood Markets in the 4th quarter worth $37,000. Finally, Spire Wealth Management lifted its holdings in shares of Robinhood Markets by 104.6% in the fourth quarter. Spire Wealth Management now owns 1,074 shares of the company's stock valued at $40,000 after buying an additional 549 shares during the period. 93.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on HOOD shares. Cantor Fitzgerald began coverage on Robinhood Markets in a report on Thursday, March 6th. They set an "overweight" rating and a $69.00 target price on the stock. The Goldman Sachs Group upgraded shares of Robinhood Markets from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $40.00 to $46.00 in a report on Friday, December 6th. Mizuho raised their target price on shares of Robinhood Markets from $60.00 to $65.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. JMP Securities upped their price target on Robinhood Markets from $60.00 to $77.00 and gave the company a "market outperform" rating in a report on Thursday, February 13th. Finally, Wolfe Research lowered shares of Robinhood Markets from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, February 18th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, Robinhood Markets has a consensus rating of "Moderate Buy" and an average price target of $60.82.

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Insider Buying and Selling

In related news, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $39.16, for a total transaction of $29,370,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Baiju Bhatt sold 228,645 shares of the business's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $40.37, for a total transaction of $9,230,398.65. Following the completion of 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 disclosure for this sale can be found here. Insiders sold a total of 2,955,655 shares of company stock valued at $143,072,448 over the last ninety days. 19.95% of the stock is owned by company insiders.

Robinhood Markets Stock Up 1.7 %

NASDAQ HOOD traded up $0.73 during midday trading on Wednesday, hitting $42.89. The company had a trading volume of 18,115,192 shares, compared to its average volume of 35,832,750. The firm has a fifty day simple moving average of $48.88 and a two-hundred day simple moving average of $38.60. The stock has a market cap of $37.98 billion, a price-to-earnings ratio of 27.32, a P/E/G ratio of 1.05 and a beta of 2.14. Robinhood Markets, Inc. has a fifty-two week low of $13.98 and a fifty-two week high of $66.91.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. As a group, equities analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

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.