State Street Corp Grows Stake in Robinhood Markets, Inc. (NASDAQ:HOOD)

State Street Corp grew its stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) by 8.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,558,321 shares of the company's stock after buying an additional 1,085,679 shares during the period. State Street Corp owned 1.53% of Robinhood Markets worth $317,536,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of HOOD. Allspring Global Investments Holdings LLC increased its holdings in Robinhood Markets by 1,211,858.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,817,670 shares of the company's stock valued at $89,410,000 after acquiring an additional 3,817,355 shares during the last quarter. Azora Capital LP purchased a new stake in shares of Robinhood Markets in the third quarter worth about $79,780,000. FMR LLC boosted its stake in Robinhood Markets by 31.3% during the third quarter. FMR LLC now owns 14,129,544 shares of the company's stock valued at $330,914,000 after buying an additional 3,368,118 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Robinhood Markets by 37.7% during the second quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company's stock valued at $173,770,000 after buying an additional 2,094,800 shares during the last quarter. Finally, Sparta 24 Ltd. grew its holdings in Robinhood Markets by 905.8% during the 3rd quarter. Sparta 24 Ltd. now owns 1,625,158 shares of the company's stock valued at $38,061,000 after buying an additional 1,463,578 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Robinhood Markets Trading Up 1.8 %

Shares of HOOD traded up $0.68 during trading hours on Wednesday, reaching $38.04. 18,345,654 shares of the company traded hands, compared to its average volume of 16,747,221. The stock's fifty day moving average price is $30.71 and its 200 day moving average price is $24.65. The firm has a market cap of $33.63 billion, a price-to-earnings ratio of 63.32, a PEG ratio of 0.93 and a beta of 2.08. Robinhood Markets, Inc. has a 12-month low of $10.38 and a 12-month high of $42.76.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.01). The company had revenue of $637.00 million during the quarter, compared to analysts' expectations of $660.53 million. Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. Robinhood Markets's quarterly revenue was up 36.4% on a year-over-year basis. During the same period last year, the firm earned ($0.09) earnings per share. On average, research analysts forecast that Robinhood Markets, Inc. will post 0.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft upped their price objective on Robinhood Markets from $36.00 to $42.00 and gave the stock a "buy" rating in a report on Thursday, December 5th. JMP Securities upped their price target on shares of Robinhood Markets from $33.00 to $40.00 and gave the company a "market outperform" rating in a research note on Tuesday, November 12th. Needham & Company LLC reissued a "buy" rating and issued a $52.00 price objective (up from $40.00) on shares of Robinhood Markets in a research note on Monday. Barclays upgraded shares of Robinhood Markets from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $26.00 to $49.00 in a research report on Monday. Finally, JPMorgan Chase & Co. increased their price target on shares of Robinhood Markets from $17.00 to $21.00 and gave the company an "underweight" rating in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $38.13.

Insider Buying and Selling at Robinhood Markets

In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 23,293 shares of the firm's stock in a transaction dated Tuesday, October 1st. The shares were 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 of the company's stock, valued at approximately $25,059,400. This trade represents a 2.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven M. Quirk sold 208,291 shares of the company's stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $24.98, for a total transaction of $5,203,109.18. Following the completion of the sale, the insider now directly owns 346,020 shares of the company's stock, valued at $8,643,579.60. The trade was a 37.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,851,175 shares of company stock valued at $169,980,708 in the last ninety days. Corporate insiders own 19.95% of the company's stock.

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.