Franklin Resources Inc. Buys New Stake in Robinhood Markets, Inc. (NASDAQ:HOOD)

Franklin Resources Inc. purchased a new position in Robinhood Markets, Inc. (NASDAQ:HOOD) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 269,877 shares of the company’s stock, valued at approximately $6,321,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. HM Payson & Co. increased its holdings in shares of Robinhood Markets by 53.5% in the third quarter. HM Payson & Co. now owns 1,176 shares of the company’s stock worth $28,000 after purchasing an additional 410 shares during the last quarter. Eastern Bank bought a new stake in Robinhood Markets in the 3rd quarter worth approximately $30,000. True Wealth Design LLC purchased a new stake in shares of Robinhood Markets during the 3rd quarter worth approximately $30,000. ORG Wealth Partners LLC bought a new position in shares of Robinhood Markets during the 3rd quarter valued at approximately $33,000. Finally, International Assets Investment Management LLC purchased a new position in shares of Robinhood Markets in the second quarter valued at $40,000. Institutional investors own 93.27% of the company’s stock.

Insider Activity

In other Robinhood Markets news, CEO Vladimir Tenev sold 250,000 shares of Robinhood Markets stock in a transaction on Friday, October 4th. The stock was sold at an average price of $22.88, for a total transaction of $5,720,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $22.37, for a total value of $279,625.00. Following the completion of the sale, the insider now owns 1,057,500 shares of the company’s stock, valued at $23,656,275. This represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,037,689 shares of company stock valued at $177,092,487. Corporate insiders own 19.95% of the company’s stock.

Robinhood Markets Trading Up 3.8 %

NASDAQ:HOOD opened at $38.33 on Monday. The company has a market cap of $33.88 billion, a price-to-earnings ratio of 64.97, a price-to-earnings-growth ratio of 0.76 and a beta of 2.09. Robinhood Markets, Inc. has a twelve month low of $10.38 and a twelve month high of $43.83. The stock has a fifty day simple moving average of $33.11 and a 200-day simple moving average of $25.65.

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 analysts’ consensus estimates of $0.18 by ($0.01). The company had revenue of $637.00 million for the quarter, compared to the consensus estimate of $660.53 million. Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. The company’s quarterly revenue was up 36.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.09) EPS. As a group, equities research analysts predict that Robinhood Markets, Inc. will post 0.8 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on HOOD shares. Morgan Stanley raised shares of Robinhood Markets from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $24.00 to $55.00 in a research note on Monday, November 25th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Robinhood Markets from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. KeyCorp lifted their price target on Robinhood Markets from $30.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. JPMorgan Chase & Co. upped their price objective on Robinhood Markets from $17.00 to $21.00 and gave the company an “underweight” rating in a research report on Thursday, October 17th. Finally, Barclays upgraded Robinhood Markets from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $26.00 to $49.00 in a report on Monday, December 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Robinhood Markets presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.20.

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.