AGF Management Ltd. Boosts Stock Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

AGF Management Ltd. raised its stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 286.0% in the first quarter, Holdings Channel reports. The institutional investor owned 5,743,715 shares of the company’s stock after buying an additional 4,255,862 shares during the quarter. Robinhood Markets accounts for about 1.3% of AGF Management Ltd.’s holdings, making the stock its 14th biggest position. AGF Management Ltd.’s holdings in Robinhood Markets were worth $239,053,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP purchased a new position in Robinhood Markets in the 4th quarter worth approximately $588,000. Wells Fargo & Company MN raised its stake in shares of Robinhood Markets by 201.1% in the fourth quarter. Wells Fargo & Company MN now owns 298,990 shares of the company’s stock worth $11,140,000 after purchasing an additional 199,678 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Robinhood Markets by 80.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 252,766 shares of the company’s stock valued at $9,418,000 after buying an additional 112,807 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of Robinhood Markets by 4.7% during the fourth quarter. Federated Hermes Inc. now owns 30,386 shares of the company’s stock valued at $1,132,000 after buying an additional 1,356 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Robinhood Markets by 132.6% in the 4th quarter. Invesco Ltd. now owns 2,867,595 shares of the company’s stock worth $106,847,000 after buying an additional 1,634,599 shares in the last quarter. 93.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Citigroup raised their price target on shares of Robinhood Markets from $100.00 to $120.00 and gave the company a “neutral” rating in a report on Thursday, July 31st. Keefe, Bruyette & Woods lifted their target price on shares of Robinhood Markets from $89.00 to $106.00 and gave the stock a “market perform” rating in a research report on Thursday, July 31st. The Goldman Sachs Group boosted their target price on shares of Robinhood Markets from $91.00 to $104.00 and gave the company a “buy” rating in a research note on Monday, July 7th. Redburn Atlantic reiterated a “sell” rating and set a $48.00 target price (up from $40.00) on shares of Robinhood Markets in a research note on Monday, June 9th. Finally, Compass Point boosted their target price on shares of Robinhood Markets from $64.00 to $96.00 and gave the company a “buy” rating in a research note on Friday, June 27th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $96.29.

Robinhood Markets Price Performance

Shares of HOOD stock opened at $114.63 on Monday. Robinhood Markets, Inc. has a 1 year low of $17.55 and a 1 year high of $117.00. The firm has a fifty day moving average price of $91.32 and a 200-day moving average price of $64.19. The company has a market cap of $101.87 billion, a price-to-earnings ratio of 58.19, a PEG ratio of 4.37 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.12. Robinhood Markets had a net margin of 50.13% and a return on equity of 17.48%. The firm had revenue of $989.00 million during the quarter, compared to the consensus estimate of $893.93 million. During the same quarter in the previous year, the firm posted $0.21 EPS. The company’s revenue for the quarter was up 45.0% compared to the same quarter last year. Equities research analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Insider Activity

In other news, insider Steven M. Quirk sold 40,131 shares of the business’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $104.71, for a total transaction of $4,202,117.01. Following the completion of the sale, the insider owned 120,408 shares of the company’s stock, valued at $12,607,921.68. The trade was a 25.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Vladimir Tenev sold 385,485 shares of the company’s stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $101.90, for a total transaction of $39,280,921.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,752,293 shares of company stock worth $436,586,556. Company insiders own 14.47% of the company’s stock.

Robinhood Markets 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.