Eastern Bank Acquires Shares of 1,300 Robinhood Markets, Inc. (NASDAQ:HOOD)

Eastern Bank acquired a new stake in Robinhood Markets, Inc. (NASDAQ:HOOD) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,300 shares of the company’s stock, valued at approximately $30,000.

A number of other hedge funds have also recently modified their holdings of HOOD. PNC Financial Services Group Inc. increased its position in shares of Robinhood Markets by 46.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,275 shares of the company’s stock valued at $29,000 after acquiring an additional 722 shares during the period. SteelPeak Wealth LLC boosted its stake in shares of Robinhood Markets by 92.6% during the 1st quarter. SteelPeak Wealth LLC now owns 21,340 shares of the company’s stock valued at $430,000 after purchasing an additional 10,258 shares in the last quarter. Diversified Trust Co bought a new stake in shares of Robinhood Markets during the 1st quarter valued at about $278,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Robinhood Markets during the 1st quarter valued at about $34,000. Finally, Principal Financial Group Inc. boosted its stake in shares of Robinhood Markets by 26.6% during the 1st quarter. Principal Financial Group Inc. now owns 53,661 shares of the company’s stock valued at $1,080,000 after purchasing an additional 11,264 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Robinhood Markets Stock Down 0.6 %

NASDAQ:HOOD opened at $27.06 on Friday. The company’s 50 day moving average price is $22.84 and its 200-day moving average price is $21.13. Robinhood Markets, Inc. has a 52 week low of $7.91 and a 52 week high of $27.75. The stock has a market cap of $23.78 billion, a price-to-earnings ratio of 180.40 and a beta of 1.84.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.05. Robinhood Markets had a net margin of 12.96% and a return on equity of 4.25%. The firm had revenue of $682.00 million for the quarter, compared to analysts’ expectations of $640.39 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. The business’s revenue for the quarter was up 40.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Robinhood Markets, Inc. will post 0.74 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Vladimir Tenev sold 250,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $16.05, for a total value of $4,012,500.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Vladimir Tenev sold 250,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $16.05, for a total value of $4,012,500.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Baiju Bhatt sold 143,944 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $18.73, for a total transaction of $2,696,071.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,639,654 shares of company stock worth $110,241,632. 19.95% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on HOOD shares. JMP Securities reaffirmed a “market outperform” rating and set a $30.00 target price on shares of Robinhood Markets in a research note on Thursday, August 8th. Piper Sandler lifted their target price on shares of Robinhood Markets from $27.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Robinhood Markets in a research note on Thursday, August 8th. The Goldman Sachs Group boosted their price objective on shares of Robinhood Markets from $22.50 to $25.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Finally, Bank of America upped their price objective on shares of Robinhood Markets from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $24.97.

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.