Cannon Global Investment Management LLC Acquires New Holdings in Robinhood Markets, Inc. (NASDAQ:HOOD)

Cannon Global Investment Management LLC purchased a new position in Robinhood Markets, Inc. (NASDAQ:HOOD) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 11,000 shares of the company’s stock, valued at approximately $410,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Toronto Dominion Bank raised its stake in Robinhood Markets by 31.1% during the third quarter. Toronto Dominion Bank now owns 68,408 shares of the company’s stock worth $1,602,000 after purchasing an additional 16,219 shares during the period. IFP Advisors Inc grew its position in shares of Robinhood Markets by 601.1% during the fourth quarter. IFP Advisors Inc now owns 4,396 shares of the company’s stock worth $164,000 after buying an additional 3,769 shares in the last quarter. Everence Capital Management Inc. acquired a new stake in shares of Robinhood Markets in the 4th quarter valued at about $634,000. Charles Schwab Investment Management Inc. lifted its holdings in Robinhood Markets by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,719,732 shares of the company’s stock worth $175,857,000 after buying an additional 138,267 shares during the last quarter. Finally, Atomi Financial Group Inc. boosted its holdings in Robinhood Markets by 20.7% in the fourth quarter. Atomi Financial Group Inc. now owns 540,910 shares of the company’s stock worth $20,154,000 after purchasing an additional 92,613 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Vladimir Tenev sold 750,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $39.16, for a total transaction of $29,370,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Baiju Bhatt sold 228,645 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $40.37, for a total value of $9,230,398.65. Following the completion of the transaction, the director now owns 5,042 shares in the company, valued at $203,545.54. This represents a 97.84 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,679,251 shares of company stock valued at $130,979,560. 19.95% of the stock is currently owned by company insiders.

Robinhood Markets Stock Performance

HOOD opened at $44.36 on Monday. The stock has a fifty day moving average of $49.04 and a 200-day moving average of $37.41. Robinhood Markets, Inc. has a fifty-two week low of $13.98 and a fifty-two week high of $66.91. The company has a market capitalization of $39.28 billion, a P/E ratio of 28.25, a P/E/G ratio of 1.05 and a beta of 2.14.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. On average, equities research analysts predict that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wolfe Research lowered shares of Robinhood Markets from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, February 18th. The Goldman Sachs Group upgraded Robinhood Markets from a “neutral” rating to a “buy” rating and increased their price target for the company from $40.00 to $46.00 in a research report on Friday, December 6th. Cantor Fitzgerald assumed coverage on Robinhood Markets in a report on Thursday, March 6th. They issued an “overweight” rating and a $69.00 target price for the company. Needham & Company LLC upped their price objective on shares of Robinhood Markets from $52.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, Mizuho boosted their price target on Robinhood Markets from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Robinhood Markets presently has an average rating of “Moderate Buy” and a consensus price target of $61.29.

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.