Ellevest Inc. has increased its stake in Robinhood Markets, Inc. (NASDAQ: HOOD) by 9.8% during the second quarter of 2023. According to its latest 13F filing with the Securities and Exchange Commission (SEC), Ellevest now holds 7,662 shares of Robinhood, valued at approximately $717,000 after acquiring an additional 683 shares in the quarter.
Other institutional investors have also adjusted their positions in Robinhood. Notably, WCM Investment Management LLC expanded its stake by a staggering 3,615.7% during the same period, accumulating a total of 11,555,160 shares worth around $1.08 billion after purchasing 11,244,182 shares. Additionally, Kingstone Capital Partners Texas LLC established a new position valued at approximately $951.5 million.
Vanguard Group Inc. grew its stake by 8.6% in the first quarter, now owning 74,241,080 shares worth about $3.09 billion. Meanwhile, AGF Management Ltd. increased its holdings by 286.0% to 5,743,715 shares, valued at $239.05 million.
Analyst Ratings and Market Performance
In recent months, Robinhood has attracted attention from research analysts, with several firms adjusting their price targets. The Goldman Sachs Group raised its target from $134.00 to $152.00, maintaining a “buy” rating. Bank of America increased its price target from $139.00 to $157.00, also issuing a “buy” rating.
Piper Sandler reiterated an “overweight” rating with a price target increase to $140.00, while JMP Securities raised its target from $130.00 to $170.00. CICC Research initiated coverage with an “outperform” rating and a target price of $155.00. Currently, thirteen analysts rate the stock as a buy, eight as a hold, and one as a sell, leading to an average rating of “moderate buy” and an average target price of $125.10, according to MarketBeat.com.
Insider Transactions and Stock Performance
Recent insider trading activity has seen significant movements. Director Meyer Malka sold 1,093,288 shares on August 28, 2023, at an average price of $103.87, totaling around $113.56 million. This transaction reduced his holdings by 21.57%, leaving him with 3,976,234 shares, valued at approximately $413 million.
Additionally, insider Steven M. Quirk sold 60,113 shares on September 3, 2023, at an average price of $100.91, equating to roughly $6.07 million. This sale resulted in a 38.89% decrease in his position, leaving him with 94,454 shares valued at around $9.53 million. Over the past ninety days, insiders have collectively sold 3,337,392 shares worth $397.12 million, with corporate insiders holding 14.47% of the stock.
As of Thursday, Robinhood shares opened at $142.48, reflecting a 4.2% increase. The company boasts a market capitalization of $126.62 billion and a price-to-earnings (P/E) ratio of 72.33. Following a robust earnings report on November 5, 2023, Robinhood reported earnings per share (EPS) of $0.61, surpassing estimates of $0.41. Revenue for the quarter reached $1.27 billion, significantly exceeding analyst expectations of $1.15 billion. This represents a remarkable 100.0% increase year-over-year.
Looking ahead, analysts anticipate that Robinhood Markets, Inc. will post an EPS of $1.35 for the current fiscal year, solidifying its position as a key player in the financial services sector.
