Envestnet Asset Management Inc. Purchases 75,745 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Envestnet Asset Management Inc. grew its position in Robinhood Markets, Inc. (NASDAQ:HOOD) by 30.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 328,511 shares of the company’s stock after purchasing an additional 75,745 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Robinhood Markets were worth $13,673,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. MetLife Investment Management LLC raised its position in shares of Robinhood Markets by 1.5% in the fourth quarter. MetLife Investment Management LLC now owns 11,806 shares of the company’s stock valued at $440,000 after purchasing an additional 171 shares during the period. Farther Finance Advisors LLC raised its position in shares of Robinhood Markets by 4.0% in the first quarter. Farther Finance Advisors LLC now owns 6,890 shares of the company’s stock valued at $290,000 after purchasing an additional 265 shares during the period. Blue Trust Inc. raised its position in shares of Robinhood Markets by 28.6% in the first quarter. Blue Trust Inc. now owns 1,998 shares of the company’s stock valued at $83,000 after purchasing an additional 444 shares during the period. City State Bank raised its position in shares of Robinhood Markets by 94.0% in the first quarter. City State Bank now owns 970 shares of the company’s stock valued at $40,000 after purchasing an additional 470 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Robinhood Markets by 21.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,676 shares of the company’s stock valued at $112,000 after purchasing an additional 478 shares during the period. Institutional investors own 93.27% of the company’s stock.

Analyst Upgrades and Downgrades

HOOD has been the topic of several research analyst reports. Compass Point raised their price objective on shares of Robinhood Markets from $64.00 to $96.00 and gave the stock a “buy” rating in a research note on Friday, June 27th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $60.00 price objective on shares of Robinhood Markets in a research note on Thursday, March 27th. The Goldman Sachs Group raised their price objective on shares of Robinhood Markets from $91.00 to $104.00 and gave the stock a “buy” rating in a research note on Monday, July 7th. Needham & Company LLC restated a “buy” rating and issued a $71.00 price objective on shares of Robinhood Markets in a research note on Tuesday, May 27th. Finally, Redburn Atlantic restated a “sell” rating and issued a $48.00 price objective (up previously from $40.00) on shares of Robinhood Markets in a research note on Monday, June 9th. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Robinhood Markets presently has a consensus rating of “Moderate Buy” and an average target price of $85.29.

Robinhood Markets Stock Performance

Shares of NASDAQ:HOOD opened at $109.74 on Friday. Robinhood Markets, Inc. has a 52 week low of $13.98 and a 52 week high of $113.44. The company’s fifty day moving average is $78.73 and its 200-day moving average is $57.55. The company has a market capitalization of $97.17 billion, a PE ratio of 62.35, a P/E/G ratio of 5.38 and a beta of 2.36.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, April 30th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.04). Robinhood Markets had a net margin of 48.77% and a return on equity of 15.42%. The firm had revenue of $927.00 million during the quarter, compared to analyst estimates of $917.12 million. During the same quarter in the prior year, the firm posted $0.18 EPS. The firm’s revenue for the quarter was up 50.0% on a year-over-year basis. On average, analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Insider Buying and Selling

In other news, insider Steven M. Quirk sold 92,257 shares of the business’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $84.96, for a total value of $7,838,154.72. Following the sale, the insider owned 136,364 shares in the company, valued at approximately $11,585,485.44. The trade was a 40.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Tenev sold 385,485 shares of Robinhood Markets stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $101.90, for a total value of $39,280,921.50. The disclosure for this sale can be found here. Insiders have sold 2,749,630 shares of company stock worth $221,118,663 in the last three months. Company insiders own 14.47% of the company’s stock.

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.