Raymond James Financial Inc. Invests $90.87 Million in Robinhood Markets, Inc. (NASDAQ:HOOD)

Raymond James Financial Inc. acquired a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,438,791 shares of the company’s stock, valued at approximately $90,869,000. Raymond James Financial Inc. owned about 0.28% of Robinhood Markets at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. New Wave Wealth Advisors LLC acquired a new stake in Robinhood Markets in the 4th quarter valued at about $26,000. Silicon Valley Capital Partners acquired a new stake in Robinhood Markets in the 4th quarter valued at about $37,000. Bogart Wealth LLC acquired a new stake in Robinhood Markets in the 4th quarter valued at about $37,000. Spire Wealth Management lifted its stake in Robinhood Markets by 104.6% in the 4th quarter. Spire Wealth Management now owns 1,074 shares of the company’s stock valued at $40,000 after purchasing an additional 549 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in Robinhood Markets by 130.7% in the 4th quarter. Allworth Financial LP now owns 1,135 shares of the company’s stock valued at $42,000 after purchasing an additional 643 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on HOOD. Needham & Company LLC raised their target price on shares of Robinhood Markets from $52.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Mizuho raised their target price on shares of Robinhood Markets from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Raymond James initiated coverage on shares of Robinhood Markets in a research report on Wednesday, February 5th. They set a “market perform” rating for the company. The Goldman Sachs Group upgraded shares of Robinhood Markets from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $40.00 to $46.00 in a research report on Friday, December 6th. Finally, KeyCorp raised their price objective on shares of Robinhood Markets from $57.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $60.13.

Robinhood Markets Trading Down 0.9 %

Shares of HOOD opened at $44.42 on Monday. Robinhood Markets, Inc. has a 12 month low of $13.98 and a 12 month high of $66.91. The firm’s 50 day moving average is $49.03 and its 200-day moving average is $36.03. The stock has a market capitalization of $39.33 billion, a PE ratio of 28.29, a P/E/G ratio of 1.05 and a beta of 2.14.

Robinhood Markets (NASDAQ:HOOD) last announced its earnings results on Wednesday, February 12th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. Equities research analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Activity at Robinhood Markets

In related news, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $39.16, for a total value of $29,370,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $46.81, for a total transaction of $273,978.93. Following the completion of the transaction, the chief technology officer now directly owns 17,559 shares in the company, valued at $821,936.79. This trade represents a 25.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,171,641 shares of company stock valued at $149,567,157 over the last three months. 19.95% of the stock is owned by insiders.

Robinhood Markets 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.