Modern Wealth Management LLC Purchases Shares of 6,028 Robinhood Markets, Inc. (NASDAQ:HOOD)

Modern Wealth Management LLC acquired a new position in Robinhood Markets, Inc. (NASDAQ:HOOD) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,028 shares of the company’s stock, valued at approximately $225,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Toronto Dominion Bank boosted its stake in Robinhood Markets by 31.1% during the third quarter. Toronto Dominion Bank now owns 68,408 shares of the company’s stock worth $1,602,000 after acquiring an additional 16,219 shares in the last quarter. IFP Advisors Inc grew its stake in shares of Robinhood Markets by 601.1% in the 4th quarter. IFP Advisors Inc now owns 4,396 shares of the company’s stock valued at $164,000 after buying an additional 3,769 shares during the period. Everence Capital Management Inc. bought a new stake in Robinhood Markets in the 4th quarter valued at about $634,000. Charles Schwab Investment Management Inc. raised 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 during the period. Finally, Atomi Financial Group Inc. boosted its holdings in Robinhood Markets by 20.7% in the fourth quarter. Atomi Financial Group Inc. now owns 540,910 shares of the company’s stock worth $20,154,000 after acquiring an additional 92,613 shares in the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

HOOD has been the topic of a number of research reports. Piper Sandler upped their target price on Robinhood Markets from $54.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. JMP Securities upped their price objective on shares of Robinhood Markets from $60.00 to $77.00 and gave the stock a “market outperform” rating in a report on Thursday, February 13th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Robinhood Markets from $75.00 to $61.00 and set a “buy” rating for the company in a report on Wednesday, March 12th. Needham & Company LLC lowered their target price on shares of Robinhood Markets from $70.00 to $62.00 and set a “buy” rating on the stock in a report on Friday. Finally, JPMorgan Chase & Co. raised their price target on shares of Robinhood Markets from $39.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $60.82.

Insider Activity

In related news, Director Baiju Bhatt sold 522,180 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $62.70, for a total value of $32,740,686.00. Following the transaction, the director now owns 5,042 shares in the company, valued at approximately $316,133.40. This represents a 99.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Tenev sold 750,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $39.16, for a total value of $29,370,000.00. The disclosure for this sale can be found here. Insiders sold 2,955,655 shares of company stock valued at $143,072,448 in the last three months. Company insiders own 19.95% of the company’s stock.

Robinhood Markets Price Performance

Shares of NASDAQ:HOOD opened at $41.92 on Friday. Robinhood Markets, Inc. has a 1 year low of $13.98 and a 1 year high of $66.91. The company has a market capitalization of $37.12 billion, a PE ratio of 26.70, a price-to-earnings-growth ratio of 1.05 and a beta of 2.14. The business has a fifty day moving average price of $49.16 and a two-hundred day moving average price of $38.06.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly 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%. Sell-side analysts anticipate 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.