Sumitomo Mitsui Trust Group Inc. Cuts Position in Robinhood Markets, Inc. (NASDAQ:HOOD)

Sumitomo Mitsui Trust Group Inc. lowered its holdings in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 3.5% during the third quarter, HoldingsChannel.com reports. The firm owned 22,982,275 shares of the company’s stock after selling 827,048 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Robinhood Markets were worth $538,245,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. HM Payson & Co. raised its position in Robinhood Markets by 53.5% during the third quarter. HM Payson & Co. now owns 1,176 shares of the company’s stock worth $28,000 after acquiring an additional 410 shares during the period. Eastern Bank purchased a new stake in Robinhood Markets during the 3rd quarter worth approximately $30,000. ORG Partners LLC purchased a new position in shares of Robinhood Markets in the second quarter valued at approximately $33,000. ORG Wealth Partners LLC purchased a new stake in shares of Robinhood Markets during the third quarter worth approximately $33,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Robinhood Markets during the 1st quarter worth $34,000. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Robinhood Markets from $17.00 to $21.00 and gave the stock an “underweight” rating in a research note on Thursday, October 17th. Piper Sandler increased their price target on Robinhood Markets from $27.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Barclays lifted their price target on Robinhood Markets from $23.00 to $26.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Morgan Stanley upped their price objective on shares of Robinhood Markets from $22.00 to $24.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, JMP Securities increased their price target on shares of Robinhood Markets from $30.00 to $33.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. 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 company’s stock. According to MarketBeat, Robinhood Markets has a consensus rating of “Hold” and an average price target of $25.63.

Insider Transactions at Robinhood Markets

In other news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $19.33, for a total value of $241,625.00. Following the completion of the sale, the insider now directly owns 1,045,068 shares in the company, valued at approximately $20,201,164.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Meyer Malka sold 105,875 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $30.00, for a total transaction of $3,176,250.00. Following the sale, the director now owns 28,930,243 shares in the company, valued at $867,907,290. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $19.33, for a total transaction of $241,625.00. Following the completion of the transaction, the insider now owns 1,045,068 shares in the company, valued at approximately $20,201,164.44. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 4,854,493 shares of company stock valued at $118,173,265. Company insiders own 19.95% of the company’s stock.

Robinhood Markets Stock Performance

Shares of NASDAQ:HOOD opened at $32.80 on Tuesday. The firm has a 50 day simple moving average of $24.42 and a 200 day simple moving average of $21.94. Robinhood Markets, Inc. has a 52 week low of $7.91 and a 52 week high of $34.32. The company has a market cap of $28.99 billion, a PE ratio of 55.59, a price-to-earnings-growth ratio of 0.73 and a beta of 1.84.

Robinhood Markets (NASDAQ:HOOD) last posted its earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.01). The company had revenue of $637.00 million for the quarter, compared to the consensus estimate of $660.53 million. Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. Robinhood Markets’s quarterly revenue was up 36.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.09) earnings per share. On average, equities analysts predict that Robinhood Markets, Inc. will post 0.71 earnings per share for the current year.

Robinhood Markets Profile

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.