Prudential PLC Trims Stake in Robinhood Markets, Inc. (NASDAQ:HOOD)

Prudential PLC lessened its holdings in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 56.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 10,376 shares of the company’s stock after selling 13,428 shares during the quarter. Prudential PLC’s holdings in Robinhood Markets were worth $387,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Dorsey & Whitney Trust CO LLC boosted its holdings in Robinhood Markets by 2.4% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 9,867 shares of the company’s stock valued at $368,000 after acquiring an additional 233 shares during the period. First Horizon Advisors Inc. increased its stake in Robinhood Markets by 7.8% in the fourth quarter. First Horizon Advisors Inc. now owns 3,822 shares of the company’s stock worth $142,000 after purchasing an additional 277 shares during the period. Spire Wealth Management lifted its position in shares of Robinhood Markets by 104.6% during the fourth quarter. Spire Wealth Management now owns 1,074 shares of the company’s stock worth $40,000 after purchasing an additional 549 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Robinhood Markets by 130.7% during the fourth 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 period. Finally, New Wave Wealth Advisors LLC purchased a new position in Robinhood Markets in the 4th quarter worth about $26,000. Institutional investors own 93.27% of the company’s stock.

Insider Activity at Robinhood Markets

In related news, Director Baiju Bhatt sold 90,866 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $45.27, for a total value of $4,113,503.82. Following the transaction, the director now directly owns 5,042 shares of the company’s stock, valued at $228,251.34. This represents a 94.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vladimir Tenev sold 500,000 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $50.77, for a total value of $25,385,000.00. The disclosure for this sale can be found here. Insiders sold 2,646,134 shares of company stock valued at $132,604,246 in the last three months. 19.95% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on HOOD shares. JMP Securities dropped their target price on shares of Robinhood Markets from $77.00 to $70.00 and set a “market outperform” rating on the stock in a research note on Tuesday. Barclays dropped their price objective on Robinhood Markets from $76.00 to $45.00 and set an “overweight” rating on the stock in a research note on Monday. Morgan Stanley lowered 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. Wolfe Research downgraded Robinhood Markets from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, February 18th. Finally, Cantor Fitzgerald assumed coverage on Robinhood Markets in a report on Thursday, March 6th. They issued an “overweight” rating and a $69.00 price objective for the company. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.06.

Robinhood Markets Stock Down 3.5 %

Shares of HOOD opened at $34.17 on Wednesday. The company has a 50 day moving average of $47.26 and a two-hundred day moving average of $39.07. Robinhood Markets, Inc. has a twelve month low of $13.98 and a twelve month high of $66.91. The company has a market cap of $30.26 billion, a price-to-earnings ratio of 21.76, a price-to-earnings-growth ratio of 1.05 and a beta of 2.17.

Robinhood Markets (NASDAQ:HOOD) last announced its earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. On average, sell-side analysts expect 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.