KLP Kapitalforvaltning AS Invests $9.89 Million in Robinhood Markets, Inc. (NASDAQ:HOOD)

KLP Kapitalforvaltning AS purchased a new stake in Robinhood Markets, Inc. (NASDAQ:HOOD) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 265,299 shares of the company’s stock, valued at approximately $9,885,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. FMR LLC grew its position in shares of Robinhood Markets by 31.3% in the third quarter. FMR LLC now owns 14,129,544 shares of the company’s stock valued at $330,914,000 after purchasing an additional 3,368,118 shares during the period. State Street Corp boosted its holdings in Robinhood Markets by 8.7% in the 3rd quarter. State Street Corp now owns 13,558,321 shares of the company’s stock worth $317,536,000 after buying an additional 1,085,679 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Robinhood Markets by 19.5% in the 3rd quarter. Geode Capital Management LLC now owns 11,620,673 shares of the company’s stock worth $271,708,000 after buying an additional 1,895,427 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Robinhood Markets by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,719,732 shares of the company’s stock worth $175,857,000 after buying an additional 138,267 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Robinhood Markets by 19.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,557,301 shares of the company’s stock valued at $179,463,000 after acquiring an additional 739,631 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Insider Activity at Robinhood Markets

In related news, Director Baiju Bhatt sold 228,645 shares of Robinhood Markets stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $40.37, for a total value of $9,230,398.65. Following the completion of the transaction, the director now owns 5,042 shares in the company, valued at approximately $203,545.54. The trade was a 97.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was 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. In the last 90 days, insiders have sold 2,685,104 shares of company stock worth $131,233,346. 19.95% of the stock is currently owned by company insiders.

Robinhood Markets Price Performance

Shares of HOOD opened at $48.36 on Tuesday. The firm has a 50-day simple moving average of $49.22 and a two-hundred day simple moving average of $37.61. The stock has a market cap of $42.82 billion, a PE ratio of 30.80, a P/E/G ratio of 1.05 and a beta of 2.14. Robinhood Markets, Inc. has a 1-year low of $13.98 and a 1-year high of $66.91.

Robinhood Markets (NASDAQ:HOOD) last posted its earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share 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 13.53%. As a group, sell-side analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

HOOD has been the subject of several research reports. Cantor Fitzgerald assumed coverage on Robinhood Markets in a research report on Thursday, March 6th. They set an “overweight” rating and a $69.00 price target for the company. Mizuho increased their target price on shares of Robinhood Markets from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Piper Sandler boosted their price target on shares of Robinhood Markets from $54.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. upped their price objective on shares of Robinhood Markets from $39.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Finally, Raymond James initiated coverage on shares of Robinhood Markets in a research note on Wednesday, February 5th. They issued a “market perform” rating on the stock. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Robinhood Markets presently has an average rating of “Moderate Buy” and a consensus target price of $61.29.

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.