Picton Mahoney Asset Management Reduces Stake in Robinhood Markets, Inc. (NASDAQ:HOOD)

Picton Mahoney Asset Management lowered its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD) by 25.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 516,002 shares of the company’s stock after selling 175,385 shares during the quarter. Picton Mahoney Asset Management owned about 0.06% of Robinhood Markets worth $19,228,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in HOOD. New Wave Wealth Advisors LLC purchased a new position in shares of Robinhood Markets in the 4th quarter valued at about $26,000. True Wealth Design LLC purchased a new position in shares of Robinhood Markets in the 3rd quarter valued at about $30,000. Silicon Valley Capital Partners purchased a new position in shares of Robinhood Markets in the 4th quarter valued at about $37,000. Bogart Wealth LLC purchased a new position in shares of Robinhood Markets in the 4th quarter valued at about $37,000. Finally, Spire Wealth Management increased its holdings in shares of Robinhood Markets by 104.6% in the 4th quarter. Spire Wealth Management now owns 1,074 shares of the company’s stock valued at $40,000 after acquiring an additional 549 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Insider Transactions at Robinhood Markets

In related news, insider Daniel Martin Gallagher, Jr. sold 300,000 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $37.51, for a total value of $11,253,000.00. Following the completion of the transaction, the insider now directly owns 806,955 shares of the company’s stock, valued at $30,268,882.05. This trade represents a 27.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $39.16, for a total value of $29,370,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 2,985,127 shares of company stock valued at $142,455,378. Corporate insiders own 19.95% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on HOOD. JMP Securities increased their price objective on Robinhood Markets from $60.00 to $77.00 and gave the company a “market outperform” rating in a report on Thursday, February 13th. Wolfe Research cut Robinhood Markets from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, February 18th. Cantor Fitzgerald started coverage on Robinhood Markets in a research report on Thursday, March 6th. They issued an “overweight” rating and a $69.00 target price for the company. Citigroup upped their target price on Robinhood Markets from $45.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Finally, KeyCorp upped their target price on Robinhood Markets from $57.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Robinhood Markets currently has an average rating of “Moderate Buy” and an average target price of $61.31.

Robinhood Markets Trading Up 8.9 %

Shares of HOOD stock opened at $39.24 on Friday. The company has a market cap of $34.75 billion, a price-to-earnings ratio of 24.99, a price-to-earnings-growth ratio of 1.05 and a beta of 2.14. The stock has a 50 day simple moving average of $48.88 and a 200-day simple moving average of $36.39. Robinhood Markets, Inc. has a 12-month low of $13.98 and a 12-month high of $66.91.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts forecast that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal 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.