TD Asset Management Inc Boosts Stock Holdings in Robinhood Markets, Inc. $HOOD

TD Asset Management Inc lifted its stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 20.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 390,839 shares of the company’s stock after purchasing an additional 67,666 shares during the period. TD Asset Management Inc’s holdings in Robinhood Markets were worth $36,594,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Axxcess Wealth Management LLC boosted its holdings in shares of Robinhood Markets by 67.7% during the 2nd quarter. Axxcess Wealth Management LLC now owns 28,910 shares of the company’s stock worth $2,707,000 after purchasing an additional 11,673 shares during the last quarter. Moran Wealth Management LLC acquired a new position in shares of Robinhood Markets during the 2nd quarter worth approximately $371,000. Nadler Financial Group Inc. acquired a new position in shares of Robinhood Markets during the 2nd quarter worth approximately $361,000. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Robinhood Markets by 155.5% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 29,480 shares of the company’s stock worth $2,760,000 after purchasing an additional 17,943 shares during the last quarter. Finally, Concord Wealth Partners acquired a new position in shares of Robinhood Markets during the 2nd quarter worth approximately $142,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Robinhood Markets Trading Down 2.0%

Robinhood Markets stock opened at $131.44 on Friday. Robinhood Markets, Inc. has a twelve month low of $23.00 and a twelve month high of $153.86. The stock’s fifty day simple moving average is $120.95 and its 200-day simple moving average is $88.35. The firm has a market capitalization of $116.81 billion, a P/E ratio of 66.72, a P/E/G ratio of 3.54 and a beta of 2.42.

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

Insider Buying and Selling

In related news, Director Meyer Malka sold 1,093,288 shares of the firm’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $103.87, for a total value of $113,559,824.56. Following the completion of the sale, the director owned 3,976,234 shares in the company, valued at $413,011,425.58. This trade represents a 21.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven M. Quirk sold 60,113 shares of the firm’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $100.91, for a total transaction of $6,066,002.83. Following the completion of the sale, the insider owned 94,454 shares of the company’s stock, valued at approximately $9,531,353.14. The trade was a 38.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,181,462 shares of company stock valued at $567,328,871 over the last ninety days. Company insiders own 14.47% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on HOOD shares. Keefe, Bruyette & Woods boosted their target price on Robinhood Markets from $89.00 to $106.00 and gave the stock a “market perform” rating in a report on Thursday, July 31st. KeyCorp upped their price objective on Robinhood Markets from $60.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Robinhood Markets in a report on Wednesday, October 8th. Compass Point upped their price objective on Robinhood Markets from $64.00 to $96.00 and gave the company a “buy” rating in a report on Friday, June 27th. Finally, Bank of America upped their price objective on Robinhood Markets from $139.00 to $157.00 and gave the company a “buy” rating in a report on Thursday, October 2nd. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $118.94.

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.