Bank of Nova Scotia Takes Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Bank of Nova Scotia acquired a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 312,047 shares of the company’s stock, valued at approximately $11,627,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. New Wave Wealth Advisors LLC acquired a new stake in shares of Robinhood Markets during the 4th quarter valued at approximately $26,000. Creative Financial Designs Inc. ADV raised its holdings in Robinhood Markets by 750.0% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company’s stock worth $32,000 after purchasing an additional 750 shares during the last quarter. Silicon Valley Capital Partners purchased a new stake in Robinhood Markets during the fourth quarter worth $37,000. Bogart Wealth LLC acquired a new stake in Robinhood Markets in the fourth quarter valued at $37,000. Finally, Spire Wealth Management increased its position in shares of Robinhood Markets by 104.6% in the fourth quarter. Spire Wealth Management now owns 1,074 shares of the company’s stock valued at $40,000 after buying an additional 549 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Insider Activity

In other Robinhood Markets news, Director Baiju Bhatt sold 90,866 shares of Robinhood Markets stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $50.67, for a total transaction of $4,604,180.22. Following the transaction, the director now directly owns 5,042 shares of the company’s stock, valued at $255,478.14. The trade was a 94.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $46.81, for a total transaction of $273,978.93. Following the completion of the sale, the chief technology officer now directly owns 17,559 shares of the company’s stock, valued at $821,936.79. The trade was a 25.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,651,987 shares of company stock valued at $132,806,233 in the last ninety days. Company insiders own 19.95% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on HOOD. JPMorgan Chase & Co. lifted their price target on Robinhood Markets from $39.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Morgan Stanley cut shares of Robinhood Markets from an “overweight” rating to an “equal weight” rating and set a $40.00 target price for the company. in a research report on Tuesday. Compass Point started coverage on shares of Robinhood Markets in a research report on Wednesday, March 19th. They issued a “buy” rating and a $61.00 price target on the stock. Raymond James assumed coverage on Robinhood Markets in a research report on Wednesday, February 5th. They set a “market perform” rating for the company. Finally, Piper Sandler upped their target price on Robinhood Markets from $54.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Robinhood Markets currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.06.

Robinhood Markets Price Performance

NASDAQ HOOD opened at $40.51 on Friday. The company has a market cap of $35.87 billion, a P/E ratio of 25.80, a P/E/G ratio of 1.05 and a beta of 2.17. Robinhood Markets, Inc. has a 12 month low of $13.98 and a 12 month high of $66.91. The company has a 50-day moving average of $46.63 and a 200-day moving average of $39.35.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. As a group, equities research analysts anticipate that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

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.