JW Asset Management LLC Trims Stake in Robinhood Markets, Inc. $HOOD

JW Asset Management LLC lessened its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 7.7% in the third quarter, according to its most recent filing with the SEC. The firm owned 96,000 shares of the company’s stock after selling 8,000 shares during the quarter. Robinhood Markets makes up approximately 6.6% of JW Asset Management LLC’s investment portfolio, making the stock its 3rd largest holding. JW Asset Management LLC’s holdings in Robinhood Markets were worth $13,745,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Robinhood Markets by 24.9% during the third quarter. Vanguard Group Inc. now owns 94,437,054 shares of the company’s stock worth $13,521,497,000 after buying an additional 18,824,923 shares during the last quarter. Norges Bank acquired a new stake in Robinhood Markets during the 2nd quarter worth about $973,122,000. Paradigm Operations LP acquired a new stake in Robinhood Markets during the 2nd quarter worth about $308,979,000. Jennison Associates LLC bought a new position in shares of Robinhood Markets in the 3rd quarter worth about $322,823,000. Finally, Invesco Ltd. lifted its stake in shares of Robinhood Markets by 81.0% in the 2nd quarter. Invesco Ltd. now owns 4,942,533 shares of the company’s stock valued at $462,769,000 after purchasing an additional 2,212,487 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Price Performance

NASDAQ:HOOD opened at $75.21 on Thursday. Robinhood Markets, Inc. has a one year low of $29.66 and a one year high of $153.86. The company has a market cap of $67.63 billion, a PE ratio of 36.51, a PEG ratio of 1.28 and a beta of 2.43. The firm has a 50-day moving average of $105.27 and a 200-day moving average of $117.67.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings results on Tuesday, February 10th. The company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.03. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.32 billion. Robinhood Markets had a return on equity of 22.32% and a net margin of 42.10%.The company’s quarterly revenue was up 26.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.01 EPS. On average, equities research analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Activity

In other Robinhood Markets news, CEO Vladimir Tenev sold 375,000 shares of the company’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $121.63, for a total value of $45,611,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven M. Quirk sold 52,540 shares of Robinhood Markets stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $87.81, for a total transaction of $4,613,537.40. Following the transaction, the insider directly owned 27,564 shares in the company, valued at approximately $2,420,394.84. This represents a 65.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 700,939 shares of company stock valued at $84,749,747 in the last three months. 14.47% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Sanford C. Bernstein reiterated an “outperform” rating on shares of Robinhood Markets in a report on Wednesday, February 11th. Morgan Stanley lifted their price objective on shares of Robinhood Markets from $146.00 to $147.00 and gave the company an “equal weight” rating in a research note on Monday, December 22nd. Wolfe Research upgraded shares of Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a research report on Monday, February 9th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $180.00 price target on shares of Robinhood Markets in a research note on Wednesday, February 11th. Finally, Dbs Bank raised shares of Robinhood Markets to a “moderate buy” rating in a research report on Wednesday, November 12th. Seventeen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Robinhood Markets has a consensus rating of “Moderate Buy” and an average target price of $121.71.

About Robinhood Markets

Robinhood Markets, Inc (NASDAQ: HOOD) is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to “democratize finance for all.” Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood’s core products and services include a mobile app and web platform for trading U.S.