Convergence Investment Partners LLC Makes New $2.20 Million Investment in Robinhood Markets, Inc. (NASDAQ:HOOD)

Convergence Investment Partners LLC bought a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 59,161 shares of the company’s stock, valued at approximately $2,204,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Atria Wealth Solutions Inc. lifted its position in Robinhood Markets by 45.6% during the 4th quarter. Atria Wealth Solutions Inc. now owns 39,174 shares of the company’s stock worth $1,460,000 after acquiring an additional 12,260 shares during the last quarter. Truist Financial Corp raised its position in shares of Robinhood Markets by 26.9% during the fourth quarter. Truist Financial Corp now owns 42,745 shares of the company’s stock valued at $1,593,000 after buying an additional 9,049 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of Robinhood Markets by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 22,906 shares of the company’s stock valued at $853,000 after buying an additional 1,175 shares during the last quarter. Sanctuary Advisors LLC raised its position in shares of Robinhood Markets by 3.6% during the fourth quarter. Sanctuary Advisors LLC now owns 65,500 shares of the company’s stock valued at $2,441,000 after buying an additional 2,284 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Robinhood Markets by 170.7% during the fourth quarter. Principal Financial Group Inc. now owns 116,732 shares of the company’s stock valued at $4,349,000 after buying an additional 73,607 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

Insider Activity

In other Robinhood Markets news, insider Steven M. Quirk sold 19,861 shares of the firm’s stock in a transaction that occurred on Sunday, December 1st. The shares were sold at an average price of $37.54, for a total value of $745,581.94. Following the transaction, the insider now directly owns 395,166 shares of the company’s stock, valued at approximately $14,834,531.64. This trade represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Tenev sold 750,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were 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. Insiders have sold 4,470,607 shares of company stock valued at $197,745,930 over the last three months. 19.95% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on HOOD. KeyCorp upped their price objective on shares of Robinhood Markets from $57.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Mizuho increased their price target on shares of Robinhood Markets from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. JPMorgan Chase & Co. increased their price target on shares of Robinhood Markets from $39.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Wolfe Research lowered shares of Robinhood Markets from an “outperform” rating to a “peer perform” rating in a research report on Tuesday. Finally, Sanford C. Bernstein increased their price target on shares of Robinhood Markets from $30.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Robinhood Markets has an average rating of “Moderate Buy” and a consensus target price of $59.53.

Robinhood Markets Price Performance

HOOD opened at $60.44 on Wednesday. Robinhood Markets, Inc. has a one year low of $13.39 and a one year high of $66.91. The company’s 50 day simple moving average is $46.43 and its 200-day simple moving average is $33.22. The stock has a market capitalization of $53.43 billion, a P/E ratio of 38.50, a price-to-earnings-growth ratio of 0.80 and a beta of 2.13.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.96%. As a group, analysts anticipate that Robinhood Markets, Inc. will post 1.3 EPS 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.