Allspring Global Investments Holdings LLC Purchases 3,817,355 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Allspring Global Investments Holdings LLC raised its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 1,211,858.7% in the third quarter, HoldingsChannel reports. The firm owned 3,817,670 shares of the company’s stock after acquiring an additional 3,817,355 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Robinhood Markets were worth $89,410,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Raymond James & Associates increased its stake in shares of Robinhood Markets by 76.6% during the third quarter. Raymond James & Associates now owns 99,278 shares of the company’s stock valued at $2,325,000 after buying an additional 43,075 shares during the period. Blue Trust Inc. raised its holdings in shares of Robinhood Markets by 183.6% in the 3rd quarter. Blue Trust Inc. now owns 22,938 shares of the company’s stock valued at $521,000 after purchasing an additional 14,849 shares in the last quarter. Aspiriant LLC purchased a new stake in shares of Robinhood Markets during the 3rd quarter worth $985,000. Harbour Capital Advisors LLC bought a new stake in Robinhood Markets during the third quarter valued at about $851,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in Robinhood Markets by 66.7% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 22,737 shares of the company’s stock valued at $533,000 after purchasing an additional 9,101 shares during the last quarter. 93.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wolfe Research upgraded shares of Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 price target on the stock in a report on Wednesday, June 26th. Bank of America raised 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. Deutsche Bank Aktiengesellschaft upped their price target on Robinhood Markets from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Piper Sandler reissued an “overweight” rating and set a $27.00 price target on shares of Robinhood Markets in a research report on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating on the stock in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Robinhood Markets has a consensus rating of “Hold” and an average target price of $24.43.

Insider Activity

In related news, CEO Vladimir Tenev sold 250,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $16.05, for a total value of $4,012,500.00. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Robinhood Markets news, Director Baiju Bhatt sold 143,944 shares of Robinhood Markets stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $18.73, for a total transaction of $2,696,071.12. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Vladimir Tenev sold 250,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $16.05, for a total transaction of $4,012,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 4,541,250 shares of company stock worth $107,643,767 over the last 90 days. 19.95% of the stock is currently owned by company insiders.

Robinhood Markets Stock Performance

HOOD stock opened at $26.83 on Monday. Robinhood Markets, Inc. has a one year low of $7.91 and a one year high of $27.33. The firm’s fifty day moving average is $22.03 and its 200 day moving average is $20.85. The firm has a market cap of $23.58 billion, a PE ratio of 178.87 and a beta of 1.84.

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