Van ECK Associates Corp Purchases 424,988 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Van ECK Associates Corp boosted its position in Robinhood Markets, Inc. (NASDAQ:HOOD) by 542.5% in the 2nd quarter, Holdings Channel reports. The firm owned 503,333 shares of the company’s stock after buying an additional 424,988 shares during the quarter. Van ECK Associates Corp’s holdings in Robinhood Markets were worth $11,431,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Victory Capital Management Inc. increased its holdings in Robinhood Markets by 12.5% during the fourth quarter. Victory Capital Management Inc. now owns 59,116 shares of the company’s stock valued at $753,000 after buying an additional 6,551 shares during the period. Axxcess Wealth Management LLC increased its holdings in Robinhood Markets by 14.2% during the fourth quarter. Axxcess Wealth Management LLC now owns 25,115 shares of the company’s stock valued at $320,000 after buying an additional 3,117 shares during the period. National Bank of Canada FI increased its holdings in Robinhood Markets by 94,500.0% during the fourth quarter. National Bank of Canada FI now owns 94,600 shares of the company’s stock valued at $1,170,000 after buying an additional 94,500 shares during the period. Spire Wealth Management purchased a new position in Robinhood Markets during the fourth quarter valued at approximately $26,000. Finally, Jump Financial LLC increased its holdings in Robinhood Markets by 86.6% during the fourth quarter. Jump Financial LLC now owns 24,700 shares of the company’s stock valued at $315,000 after buying an additional 11,462 shares during the period. Institutional investors own 93.27% of the company’s stock.

Insiders Place Their Bets

In other Robinhood Markets news, CEO Vladimir Tenev sold 250,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $21.03, for a total value of $5,257,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Baiju Bhatt sold 143,944 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $18.73, for a total transaction of $2,696,071.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vladimir Tenev sold 250,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $21.03, for a total transaction of $5,257,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,185,406 shares of company stock worth $23,954,554. Company insiders own 19.95% of the company’s stock.

Robinhood Markets Price Performance

NASDAQ HOOD opened at $20.12 on Monday. The company has a market capitalization of $17.68 billion, a PE ratio of 134.13 and a beta of 1.83. The company has a fifty day moving average of $21.03 and a 200 day moving average of $19.39. Robinhood Markets, Inc. has a 1 year low of $7.91 and a 1 year high of $24.88.

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

Analyst Ratings Changes

Several equities analysts recently issued reports on HOOD shares. Citigroup raised shares of Robinhood Markets from a “sell” rating to a “neutral” rating and set a $18.00 price objective on the stock in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft raised shares of Robinhood Markets from a “hold” rating to a “buy” rating and lifted their price objective for the company from $21.00 to $24.00 in a report on Thursday, August 15th. Bank of America lifted their price target on shares of Robinhood Markets from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, August 12th. The Goldman Sachs Group lifted their price target on shares of Robinhood Markets from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $30.00 price target on shares of Robinhood Markets in a report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $22.70.

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.