Deerfield Management Company L.P. Series C Acquires New Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Deerfield Management Company L.P. Series C bought a new position in Robinhood Markets, Inc. (NASDAQ:HOOD) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 10,823 shares of the company’s stock, valued at approximately $246,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Commerce Bank grew its stake in Robinhood Markets by 7.9% in the fourth quarter. Commerce Bank now owns 12,459 shares of the company’s stock worth $159,000 after purchasing an additional 917 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Robinhood Markets in the 4th quarter valued at about $229,000. Hsbc Holdings PLC lifted its position in shares of Robinhood Markets by 245.5% in the 4th quarter. Hsbc Holdings PLC now owns 233,289 shares of the company’s stock worth $2,955,000 after purchasing an additional 165,772 shares during the period. Treasurer of the State of North Carolina lifted its position in shares of Robinhood Markets by 8.7% in the 4th quarter. Treasurer of the State of North Carolina now owns 317,018 shares of the company’s stock worth $4,039,000 after purchasing an additional 25,445 shares during the period. Finally, Evoke Wealth LLC bought a new position in shares of Robinhood Markets during the fourth quarter valued at approximately $138,000. 93.27% of the stock is currently owned by institutional investors.

Robinhood Markets Trading Up 6.5 %

Shares of NASDAQ:HOOD opened at $23.89 on Friday. Robinhood Markets, Inc. has a twelve month low of $7.91 and a twelve month high of $24.88. The company’s 50 day moving average is $20.49 and its 200 day moving average is $20.19. The company has a market cap of $21.00 billion, a PE ratio of 159.27 and a beta of 1.82.

Robinhood Markets (NASDAQ:HOOD) last issued its 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 firm had revenue of $682.00 million during the quarter, compared to analysts’ expectations of $640.39 million. During the same quarter last year, the company posted $0.03 earnings per share. The firm’s revenue was up 40.3% compared to the same quarter last year. Equities research analysts predict that Robinhood Markets, Inc. will post 0.76 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Vladimir Tenev sold 250,000 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $22.50, for a total transaction of $5,625,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Vladimir Tenev sold 250,000 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $22.50, for a total transaction of $5,625,000.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Baiju Bhatt sold 120,236 shares of the firm’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $22.20, for a total transaction of $2,669,239.20. The disclosure for this sale can be found here. Insiders sold a total of 1,204,096 shares of company stock valued at $23,603,793 in the last quarter. 19.95% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Barclays upgraded Robinhood Markets from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $18.00 to $20.00 in a report on Friday, September 6th. The Goldman Sachs Group raised their target price on shares of Robinhood Markets from $19.00 to $21.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Needham & Company LLC reiterated a “hold” rating on shares of Robinhood Markets in a report on Thursday, August 8th. Bank of America raised their price objective on Robinhood Markets from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Finally, Deutsche Bank Aktiengesellschaft raised Robinhood Markets from a “hold” rating to a “buy” rating and upped their target price for the company from $21.00 to $24.00 in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $23.43.

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.