Sumitomo Mitsui Trust Holdings Inc. Trims Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Sumitomo Mitsui Trust Holdings Inc. decreased its position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 10.5% during the first quarter, Holdings Channel reports. The institutional investor owned 26,127,461 shares of the company’s stock after selling 3,078,232 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Robinhood Markets were worth $525,946,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Spire Wealth Management purchased a new position in shares of Robinhood Markets in the fourth quarter valued at about $26,000. PNC Financial Services Group Inc. lifted its holdings in Robinhood Markets by 46.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,275 shares of the company’s stock worth $29,000 after purchasing an additional 722 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Robinhood Markets in the 1st quarter worth approximately $34,000. Whittier Trust Co. boosted its stake in Robinhood Markets by 100.0% in the 4th quarter. Whittier Trust Co. now owns 4,634 shares of the company’s stock worth $59,000 after purchasing an additional 2,317 shares during the period. Finally, Financial Connections Group Inc. purchased a new stake in Robinhood Markets during the 4th quarter valued at approximately $89,000. Institutional investors own 93.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on HOOD shares. Keefe, Bruyette & Woods initiated coverage on shares of Robinhood Markets in a research report on Wednesday, April 3rd. They set a “market perform” rating and a $20.00 target price for the company. Mizuho increased their price objective on shares of Robinhood Markets from $20.00 to $21.00 and gave the company a “buy” rating in a report on Monday, May 6th. Bank of America raised Robinhood Markets from an “underperform” rating to a “buy” rating and lifted their target price for the stock from $14.00 to $24.00 in a report on Friday, May 17th. Sanford C. Bernstein initiated coverage on Robinhood Markets in a research note on Thursday, March 14th. They set an “outperform” rating and a $30.00 price target for the company. Finally, Piper Sandler boosted their price target on shares of Robinhood Markets from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, May 9th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.77.

Insider Transactions at Robinhood Markets

In related news, Director Baiju Bhatt sold 16,667 shares of the business’s stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $17.16, for a total value of $286,005.72. Following the completion of the transaction, the director now owns 36,045 shares of the company’s stock, valued at $618,532.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Baiju Bhatt sold 16,667 shares of the firm’s stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $17.16, for a total value of $286,005.72. Following the sale, the director now directly owns 36,045 shares in the company, valued at approximately $618,532.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jason Warnick sold 5,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $16.72, for a total value of $83,600.00. Following the completion of the sale, the chief financial officer now directly owns 997,407 shares of the company’s stock, valued at approximately $16,676,645.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,481,733 shares of company stock valued at $28,520,141. Company insiders own 19.95% of the company’s stock.

Robinhood Markets Stock Performance

HOOD traded up $0.20 during trading on Wednesday, hitting $22.66. 1,380,161 shares of the stock were exchanged, compared to its average volume of 16,154,289. The firm has a 50 day simple moving average of $20.28 and a 200 day simple moving average of $16.64. The firm has a market cap of $19.91 billion, a price-to-earnings ratio of 149.73 and a beta of 1.84. Robinhood Markets, Inc. has a 1 year low of $7.91 and a 1 year high of $24.28.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.05 by $0.13. Robinhood Markets had a return on equity of 1.86% and a net margin of 6.22%. The firm had revenue of $618.00 million for the quarter, compared to analyst estimates of $552.74 million. During the same quarter last year, the firm posted ($0.57) earnings per share. The business’s revenue for the quarter was up 40.1% on a year-over-year basis. As a group, equities analysts anticipate that Robinhood Markets, Inc. will post 0.56 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.