Convergence Investment Partners LLC Invests $2.20 Million in Robinhood Markets, Inc. (NASDAQ:HOOD)

Convergence Investment Partners LLC bought a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 59,161 shares of the company’s stock, valued at approximately $2,204,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Atria Wealth Solutions Inc. raised its holdings in Robinhood Markets by 45.6% during the fourth quarter. Atria Wealth Solutions Inc. now owns 39,174 shares of the company’s stock worth $1,460,000 after purchasing an additional 12,260 shares in the last quarter. Truist Financial Corp raised its holdings in Robinhood Markets by 26.9% during the fourth quarter. Truist Financial Corp now owns 42,745 shares of the company’s stock worth $1,593,000 after purchasing an additional 9,049 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Robinhood Markets by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 22,906 shares of the company’s stock worth $853,000 after purchasing an additional 1,175 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in Robinhood Markets by 3.6% during the fourth quarter. Sanctuary Advisors LLC now owns 65,500 shares of the company’s stock worth $2,441,000 after purchasing an additional 2,284 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Robinhood Markets by 170.7% during the fourth quarter. Principal Financial Group Inc. now owns 116,732 shares of the company’s stock worth $4,349,000 after purchasing an additional 73,607 shares in the last quarter. Institutional investors own 93.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on HOOD. The Goldman Sachs Group raised Robinhood Markets from a “neutral” rating to a “buy” rating and upped their price target for the company from $40.00 to $46.00 in a report on Friday, December 6th. Needham & Company LLC upped their price target on Robinhood Markets from $52.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Barclays upped their price target on Robinhood Markets from $54.00 to $76.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. KeyCorp upped their price target on Robinhood Markets from $57.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, Piper Sandler boosted their target price on shares of Robinhood Markets from $54.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $59.53.

Robinhood Markets Stock Down 7.4 %

Robinhood Markets stock opened at $60.44 on Wednesday. The company’s fifty day simple moving average is $46.43 and its 200-day simple moving average is $33.22. Robinhood Markets, Inc. has a 12 month low of $13.39 and a 12 month high of $66.91. The stock has a market cap of $53.43 billion, a P/E ratio of 38.50, a P/E/G ratio of 0.80 and a beta of 2.13.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.96%. On average, equities research analysts expect that Robinhood Markets, Inc. will post 1.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Jeffrey Tsvi Pinner sold 5,876 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $37.92, for a total value of $222,817.92. Following the completion of the sale, the chief technology officer now directly owns 11,752 shares in the company, valued at approximately $445,635.84. This represents a 33.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Baiju Bhatt sold 522,180 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $62.70, for a total transaction of $32,740,686.00. Following the completion of the sale, the director now owns 5,042 shares of the company’s stock, valued at $316,133.40. This represents a 99.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,470,607 shares of company stock worth $197,745,930. Corporate insiders own 19.95% of the company’s stock.

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.