ARK Investment Management LLC Sells 1,178,203 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

ARK Investment Management LLC trimmed its position in Robinhood Markets, Inc. (NASDAQ:HOOD) by 6.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,974,345 shares of the company’s stock after selling 1,178,203 shares during the quarter. Robinhood Markets comprises approximately 3.8% of ARK Investment Management LLC’s holdings, making the stock its 6th largest position. ARK Investment Management LLC owned 2.03% of Robinhood Markets worth $420,959,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. HM Payson & Co. lifted its holdings in shares of Robinhood Markets by 53.5% during the third quarter. HM Payson & Co. now owns 1,176 shares of the company’s stock worth $28,000 after buying an additional 410 shares during the last quarter. Eastern Bank acquired a new position in shares of Robinhood Markets in the third quarter valued at $30,000. ORG Partners LLC bought a new position in Robinhood Markets in the second quarter worth $33,000. ORG Wealth Partners LLC acquired a new stake in Robinhood Markets during the third quarter worth $33,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in Robinhood Markets in the 1st quarter valued at $34,000. 93.27% of the stock is owned by institutional investors.

Robinhood Markets Trading Down 1.7 %

Shares of NASDAQ:HOOD opened at $29.36 on Friday. Robinhood Markets, Inc. has a 1-year low of $7.91 and a 1-year high of $30.06. The stock has a market capitalization of $25.95 billion, a P/E ratio of 49.76, a P/E/G ratio of 0.58 and a beta of 1.84. The business has a 50-day moving average price of $23.96 and a two-hundred day moving average price of $21.68.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.01). Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. The business had revenue of $637.00 million during the quarter, compared to analyst estimates of $660.53 million. During the same quarter in the prior year, the company earned ($0.09) earnings per share. The company’s quarterly revenue was up 36.4% on a year-over-year basis. As a group, equities analysts predict that Robinhood Markets, Inc. will post 0.71 EPS for the current year.

Insider Buying and Selling

In other news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $19.33, for a total transaction of $241,625.00. Following the completion of the transaction, the insider now directly owns 1,045,068 shares in the company, valued at approximately $20,201,164.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Robinhood Markets news, Director Baiju Bhatt sold 108,964 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $24.92, for a total value of $2,715,382.88. Following the completion of the transaction, the director now directly owns 2,521 shares of the company’s stock, valued at approximately $62,823.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $19.33, for a total value of $241,625.00. Following the completion of the sale, the insider now owns 1,045,068 shares of the company’s stock, valued at $20,201,164.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,748,618 shares of company stock valued at $114,997,015 over the last three months. Company insiders own 19.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on HOOD. The Goldman Sachs Group decreased their target price on shares of Robinhood Markets from $25.00 to $22.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. Deutsche Bank Aktiengesellschaft increased their target price on Robinhood Markets from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Keefe, Bruyette & Woods decreased their price target on Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating on the stock in a research note on Thursday, August 8th. Needham & Company LLC reiterated a “hold” rating on shares of Robinhood Markets in a research note on Thursday, October 31st. Finally, Piper Sandler upped their target price on shares of Robinhood Markets from $27.00 to $30.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Robinhood Markets presently has an average rating of “Hold” and an average target price of $25.17.

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.