Connective Portfolio Management LLC Invests $47,000 in Robinhood Markets, Inc. (NASDAQ:HOOD)

Connective Portfolio Management LLC acquired a new position in Robinhood Markets, Inc. (NASDAQ:HOOD) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 2,000 shares of the company’s stock, valued at approximately $47,000.

Several other hedge funds also recently made changes to their positions in HOOD. GAMMA Investing LLC increased its position in shares of Robinhood Markets by 71.3% in the third quarter. GAMMA Investing LLC now owns 3,923 shares of the company’s stock worth $92,000 after acquiring an additional 1,633 shares in the last quarter. Handelsbanken Fonder AB increased its position in shares of Robinhood Markets by 20.2% in the third quarter. Handelsbanken Fonder AB now owns 125,600 shares of the company’s stock worth $2,942,000 after acquiring an additional 21,100 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Robinhood Markets by 234.6% in the third quarter. SG Americas Securities LLC now owns 35,957 shares of the company’s stock worth $842,000 after acquiring an additional 25,210 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in shares of Robinhood Markets in the third quarter worth approximately $714,000. Finally, Centaurus Financial Inc. purchased a new position in shares of Robinhood Markets in the second quarter worth approximately $200,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Robinhood Markets from $16.00 to $17.00 and gave the stock an “underweight” rating in a research report on Thursday, August 8th. Bank of America lifted their target price on shares of Robinhood Markets from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Wolfe Research upgraded shares of Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 target price for the company in a research note on Wednesday, June 26th. JMP Securities restated a “market outperform” rating and issued a $30.00 price objective on shares of Robinhood Markets in a research note on Thursday, August 8th. Finally, Citigroup boosted their target price on shares of Robinhood Markets from $19.00 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $23.83.

Insider Buying and Selling at Robinhood Markets

In other news, insider Daniel Martin Gallagher, Jr. sold 23,293 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $23.42, for a total value of $545,522.06. Following the completion of the sale, the insider now directly owns 1,070,000 shares of the company’s stock, valued at $25,059,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Vladimir Tenev sold 250,000 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $22.88, for a total transaction of $5,720,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel Martin Gallagher, Jr. sold 23,293 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $23.42, for a total transaction of $545,522.06. Following the transaction, the insider now directly owns 1,070,000 shares of the company’s stock, valued at $25,059,400. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,227,389 shares of company stock worth $24,238,940. Company insiders own 19.95% of the company’s stock.

Robinhood Markets Price Performance

Shares of HOOD traded down $1.03 during trading hours on Wednesday, hitting $24.58. The stock had a trading volume of 5,264,699 shares, compared to its average volume of 15,459,786. The company’s fifty day moving average is $20.71 and its two-hundred day moving average is $20.46. The stock has a market capitalization of $21.60 billion, a price-to-earnings ratio of 161.20 and a beta of 1.84. Robinhood Markets, Inc. has a 52 week low of $7.91 and a 52 week high of $25.80.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.05. Robinhood Markets had a net margin of 12.96% and a return on equity of 4.25%. The business had revenue of $682.00 million for the quarter, compared to the consensus estimate of $640.39 million. During the same quarter in the prior year, the company earned $0.03 EPS. The firm’s quarterly revenue was up 40.3% on a year-over-year basis. Equities analysts predict that Robinhood Markets, Inc. will post 0.76 EPS for the current fiscal 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.