Robinhood Markets, Inc. $HOOD Stock: Cornerstone Advisors LLC Reduces Holdings

Cornerstone Advisors LLC lessened its holdings in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 43.2% during the 3rd quarter, Holdings Channel.com reports. The fund owned 89,309 shares of the company’s stock after selling 67,942 shares during the period. Cornerstone Advisors LLC’s holdings in Robinhood Markets were worth $10,047,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp bought a new stake in Robinhood Markets in the second quarter worth approximately $379,695,000. Amundi increased its stake in shares of Robinhood Markets by 89.0% during the 1st quarter. Amundi now owns 6,385,232 shares of the company’s stock worth $442,497,000 after purchasing an additional 3,007,103 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Robinhood Markets by 48.6% during the 1st quarter. Renaissance Technologies LLC now owns 5,104,137 shares of the company’s stock valued at $353,717,000 after purchasing an additional 1,668,400 shares in the last quarter. Hound Partners LLC bought a new position in shares of Robinhood Markets during the 1st quarter valued at $73,150,000. Finally, Amova Asset Management Americas Inc. lifted its stake in shares of Robinhood Markets by 15.0% in the 1st quarter. Amova Asset Management Americas Inc. now owns 5,240,796 shares of the company’s stock valued at $362,925,000 after purchasing an additional 685,041 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Robinhood Markets News Summary

Investors following HOOD have been watching these news items:

• Positive Sentiment: October event-contract trading rose 136% year over year to about 5.9 billion contracts, extending a fast-growing revenue stream that could help offset softness in other trading products. Article: Robinhood’s Prediction Market Bet Is Paying Off
• Negative Sentiment: The Supreme Court will review Robinhood’s effort to dismiss an investor lawsuit alleging the company omitted interim financial data from its 2021 IPO filings. The appeal could provide a path to overturn a ruling that revived the case, but the litigation remains an uncertainty. Article: Supreme Court to Hear Robinhood IPO Lawsuit Appeal
• Negative Sentiment: Louisiana’s attorney general has also sued Robinhood and other firms over prediction markets, creating potential regulatory risk for a product line that has recently been a growth bright spot. Article: Louisiana AG Sues Over Prediction Markets

Insider Activity

In other Robinhood Markets news, insider Daniel Gallagher, Jr. sold 10,000 shares of the business’s stock in a transaction on Monday, October 5th. The shares were sold at an average price of $113.71, for a total transaction of $1,137,100.00. Following the completion of the transaction, the insider owned 499,943 shares of the company’s stock, valued at $56,848,518.53. The trade was a 1.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Baiju Bhatt sold 50,912 shares of the company’s stock in a transaction dated Wednesday, October 21st. The shares were sold at an average price of $101.40, for a total transaction of $5,162,476.80. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 1,045,503 shares of company stock worth $123,905,130. Insiders own 13.48% of the company’s stock.

Analyst Ratings Changes

HOOD has been the subject of a number of recent research reports. Evercore started coverage on shares of Robinhood Markets in a report on Monday, October 12th. They issued an “outperform” rating and a $130.00 price objective for the company. KeyCorp cut their target price on Robinhood Markets from $140.00 to $135.00 and set an “overweight” rating on the stock in a report on Wednesday, October 28th. Rosenblatt Securities restated a “buy” rating and set a $135.00 target price on shares of Robinhood Markets in a report on Wednesday, October 28th. Mizuho boosted their price target on Robinhood Markets from $130.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 9th. Finally, Morgan Stanley upped their price target on Robinhood Markets from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Robinhood Markets currently has a consensus rating of “Moderate Buy” and a consensus price target of $124.01.

Robinhood Markets Price Performance

Shares of Robinhood Markets stock opened at $77.86 on Friday. The firm has a fifty day simple moving average of $103.25 and a 200-day simple moving average of $91.68. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26. Robinhood Markets, Inc. has a 1-year low of $63.51 and a 1-year high of $139.75. The stock has a market capitalization of $70.11 billion, a price-to-earnings ratio of 35.88, a PEG ratio of 1.81 and a beta of 2.56.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Wednesday, October 28th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.04. Robinhood Markets had a net margin of 39.04% and a return on equity of 21.49%. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the prior year, the firm earned $0.61 EPS. Robinhood Markets’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, sell-side analysts expect that Robinhood Markets, Inc. will post 2.10 earnings per share for the current year.

About Robinhood Markets

Robinhood Markets, Inc. operates a digital financial services platform that gives customers access to investing and financial products through its website and mobile app. Its offerings include trading in stocks, exchange-traded funds, options and cryptocurrencies, as well as retirement accounts and cash-management services. Founded in 2013 by Vlad Tenev and Baiju Bhatt, Robinhood built its business around making financial services more accessible through a mobile-first platform. The company is headquartered in Menlo Park, California, and serves customers in the United States and select international markets.