Renaissance Technologies LLC Increases Stock Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Renaissance Technologies LLC lifted its stake in Robinhood Markets, Inc. (NASDAQ:HOOD) by 37.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,651,700 shares of the company’s stock after acquiring an additional 2,094,800 shares during the quarter. Renaissance Technologies LLC owned 0.87% of Robinhood Markets worth $173,770,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Citizens Financial Group Inc. RI bought a new position in shares of Robinhood Markets during the 2nd quarter valued at $1,920,000. Dimensional Fund Advisors LP grew its stake in shares of Robinhood Markets by 2.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,075,468 shares of the company’s stock valued at $92,549,000 after purchasing an additional 112,967 shares during the period. O Neil Global Advisors Inc. purchased a new stake in shares of Robinhood Markets during the 2nd quarter valued at about $2,298,000. DekaBank Deutsche Girozentrale boosted its holdings in shares of Robinhood Markets by 110.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 49,260 shares of the company’s stock worth $1,117,000 after buying an additional 25,875 shares during the last quarter. Finally, Forsta AP Fonden bought a new stake in Robinhood Markets during the second quarter valued at approximately $2,251,000. Institutional investors own 93.27% of the company’s stock.

Robinhood Markets Trading Up 2.0 %

Shares of NASDAQ HOOD opened at $22.07 on Monday. The firm’s 50-day moving average price is $20.55 and its 200-day moving average price is $19.78. The stock has a market capitalization of $19.40 billion, a price-to-earnings ratio of 147.13 and a beta of 1.82. Robinhood Markets, Inc. has a 12-month low of $7.91 and a 12-month high of $24.88.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings data 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 business had revenue of $682.00 million for 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 company’s quarterly revenue was up 40.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.03 earnings per share. On average, equities analysts predict that Robinhood Markets, Inc. will post 0.76 EPS for the current fiscal year.

Analysts Set New Price Targets

HOOD has been the topic of several analyst reports. Keefe, Bruyette & Woods dropped their price target on shares of Robinhood Markets from $23.00 to $22.00 and set a “market perform” rating on the stock in a research note on Thursday, August 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Robinhood Markets in a research report on Thursday, August 8th. Piper Sandler upgraded shares of Robinhood Markets from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $20.00 to $23.00 in a research note on Monday, August 12th. JPMorgan Chase & Co. increased their price objective on shares of Robinhood Markets from $16.00 to $17.00 and gave the stock an “underweight” rating in a research note on Thursday, August 8th. Finally, JMP Securities restated a “market outperform” rating and set a $30.00 target price on shares of Robinhood Markets in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Robinhood Markets currently has an average rating of “Hold” and a consensus target price of $22.83.

Insider Activity at Robinhood Markets

In other 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 value of $5,625,000.00. The sale was disclosed in a filing with the SEC, which is available at this link. In other Robinhood Markets news, CEO Vladimir Tenev sold 250,000 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $22.50, for a total value of $5,625,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jason Warnick sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $20.96, for a total value of $524,000.00. Following the transaction, the chief financial officer now directly owns 1,077,162 shares in the company, valued at approximately $22,577,315.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,325,322 shares of company stock worth $26,225,912. Company insiders own 19.95% 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.