Baker Avenue Asset Management LP Purchases 203,354 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Baker Avenue Asset Management LP grew its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD) by 77.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 464,306 shares of the company’s stock after buying an additional 203,354 shares during the quarter. Baker Avenue Asset Management LP owned approximately 0.05% of Robinhood Markets worth $10,874,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Robinhood Markets by 1,211,858.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,817,670 shares of the company’s stock worth $89,410,000 after acquiring an additional 3,817,355 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Robinhood Markets by 37.7% in the second quarter. Renaissance Technologies LLC now owns 7,651,700 shares of the company’s stock worth $173,770,000 after acquiring an additional 2,094,800 shares in the last quarter. Sparta 24 Ltd. lifted its holdings in Robinhood Markets by 905.8% during the third quarter. Sparta 24 Ltd. now owns 1,625,158 shares of the company’s stock worth $38,061,000 after acquiring an additional 1,463,578 shares during the period. Price T Rowe Associates Inc. MD increased its position in Robinhood Markets by 169.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,991,586 shares of the company’s stock worth $40,092,000 after buying an additional 1,251,495 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Robinhood Markets by 274.7% during the 2nd quarter. AQR Capital Management LLC now owns 1,661,824 shares of the company’s stock valued at $37,341,000 after purchasing an additional 1,218,317 shares during the period. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Robinhood Markets Stock Performance

NASDAQ HOOD traded up $1.18 during trading hours on Friday, hitting $30.54. The company had a trading volume of 22,564,144 shares, compared to its average volume of 17,334,226. The firm has a 50 day simple moving average of $24.17 and a 200 day simple moving average of $21.80. The firm has a market capitalization of $27.00 billion, a price-to-earnings ratio of 51.76, a PEG ratio of 0.72 and a beta of 1.84. Robinhood Markets, Inc. has a 52 week low of $7.91 and a 52 week high of $30.63.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. The business had revenue of $637.00 million for the quarter, compared to the consensus estimate of $660.53 million. During the same period in the previous year, the company earned ($0.09) earnings per share. The company’s revenue for the quarter was up 36.4% compared to the same quarter last year. On average, research analysts forecast that Robinhood Markets, Inc. will post 0.71 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on HOOD. Barclays increased their target price on Robinhood Markets from $23.00 to $26.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Keefe, Bruyette & Woods decreased their price target on Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating on the stock in a report on Thursday, August 8th. KeyCorp boosted their price objective on Robinhood Markets from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Needham & Company LLC restated a “hold” rating on shares of Robinhood Markets in a report on Thursday, October 31st. Finally, The Goldman Sachs Group lowered their price target on shares of Robinhood Markets from $25.00 to $22.00 and set a “neutral” rating on the stock in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $25.17.

Insider Transactions at Robinhood Markets

In other news, Director Meyer Malka sold 3,225,806 shares of the company’s stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $25.07, for a total transaction of $80,870,956.42. Following the sale, the director now owns 29,357,336 shares of the company’s stock, valued at approximately $735,988,413.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Vladimir Tenev sold 250,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.26, for a total transaction of $4,815,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Meyer Malka sold 3,225,806 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $25.07, for a total transaction of $80,870,956.42. Following the completion of the sale, the director now owns 29,357,336 shares of the company’s stock, valued at approximately $735,988,413.52. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,854,493 shares of company stock valued at $118,173,265 in the last quarter. 19.95% of the stock is currently owned by corporate insiders.

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.