BOCHK Asset Management Ltd Takes $16.64 Million Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

BOCHK Asset Management Ltd bought a new stake in Robinhood Markets, Inc. (NASDAQ:HOOD) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 446,600 shares of the company’s stock, valued at approximately $16,640,000. Robinhood Markets accounts for about 5.1% of BOCHK Asset Management Ltd’s investment portfolio, making the stock its 6th biggest holding. BOCHK Asset Management Ltd owned approximately 0.05% of Robinhood Markets as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. HM Payson & Co. grew its stake in Robinhood Markets by 53.5% in the 3rd quarter. HM Payson & Co. now owns 1,176 shares of the company’s stock valued at $28,000 after buying an additional 410 shares during the last quarter. Commerce Bank grew its stake in Robinhood Markets by 3.3% in the 3rd quarter. Commerce Bank now owns 13,245 shares of the company’s stock valued at $310,000 after buying an additional 423 shares during the last quarter. Signaturefd LLC grew its stake in Robinhood Markets by 16.5% in the 3rd quarter. Signaturefd LLC now owns 3,437 shares of the company’s stock valued at $80,000 after buying an additional 487 shares during the last quarter. Castleview Partners LLC grew its stake in Robinhood Markets by 18.2% in the 3rd quarter. Castleview Partners LLC now owns 3,788 shares of the company’s stock valued at $89,000 after buying an additional 582 shares during the last quarter. Finally, Axxcess Wealth Management LLC grew its stake in Robinhood Markets by 3.1% in the 3rd quarter. Axxcess Wealth Management LLC now owns 19,773 shares of the company’s stock valued at $463,000 after buying an additional 598 shares during the last quarter. 93.27% of the stock is owned by institutional investors.

Robinhood Markets Trading Up 3.4 %

Shares of Robinhood Markets stock opened at $49.38 on Wednesday. The company has a market cap of $43.65 billion, a PE ratio of 83.69, a price-to-earnings-growth ratio of 0.67 and a beta of 2.07. The company has a 50 day moving average of $40.92 and a 200-day moving average of $29.59. Robinhood Markets, Inc. has a 1-year low of $10.51 and a 1-year high of $52.06.

Robinhood Markets (NASDAQ:HOOD) last posted its earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The company had revenue of $637.00 million for the quarter, compared to the consensus estimate of $660.53 million. Robinhood Markets had a return on equity of 7.52% and a net margin of 21.80%. The business’s quarterly revenue was up 36.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.09) EPS. Research analysts forecast that Robinhood Markets, Inc. will post 0.97 earnings per share for the current year.

Insiders Place Their Bets

In other Robinhood Markets news, Director Meyer Malka sold 1,535,681 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $40.11, for a total transaction of $61,596,164.91. Following the sale, the director now owns 4,974,238 shares of the company’s stock, valued at approximately $199,516,686.18. The trade was a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Vladimir Tenev sold 500,000 shares of the business’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $50.77, for a total transaction of $25,385,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,291,524 shares of company stock valued at $170,349,862. 19.95% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on HOOD. Needham & Company LLC reiterated a “buy” rating and issued a $52.00 price target (up previously from $40.00) on shares of Robinhood Markets in a research note on Monday, December 9th. JMP Securities increased their target price on shares of Robinhood Markets from $33.00 to $40.00 and gave the stock a “market outperform” rating in a research report on Tuesday, November 12th. JPMorgan Chase & Co. upgraded shares of Robinhood Markets from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $20.00 to $43.00 in a research report on Tuesday, January 7th. Sanford C. Bernstein increased their target price on shares of Robinhood Markets from $30.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Finally, Piper Sandler increased their target price on shares of Robinhood Markets from $36.00 to $42.00 and gave the stock an “overweight” rating in a research report on Monday, December 2nd. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.07.

Robinhood Markets Company 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.