ARK Investment Management LLC Acquires 2,101,325 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

ARK Investment Management LLC grew its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD) by 6.4% in the fourth quarter, HoldingsChannel reports. The fund owned 34,936,204 shares of the company’s stock after buying an additional 2,101,325 shares during the period. Robinhood Markets accounts for 2.6% of ARK Investment Management LLC’s portfolio, making the stock its 14th largest position. ARK Investment Management LLC’s holdings in Robinhood Markets were worth $445,087,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Assenagon Asset Management S.A. boosted its position in shares of Robinhood Markets by 6.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 23,591 shares of the company’s stock valued at $301,000 after acquiring an additional 1,494 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in Robinhood Markets by 23.7% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 20,587 shares of the company’s stock worth $262,000 after purchasing an additional 3,940 shares during the period. SG Americas Securities LLC lifted its position in Robinhood Markets by 18.2% during the fourth quarter. SG Americas Securities LLC now owns 174,625 shares of the company’s stock worth $2,225,000 after purchasing an additional 26,872 shares during the period. Financial Sense Advisors Inc. bought a new stake in Robinhood Markets during the fourth quarter worth about $222,000. Finally, TB Alternative Assets Ltd. lifted its position in Robinhood Markets by 14.9% during the fourth quarter. TB Alternative Assets Ltd. now owns 2,896,500 shares of the company’s stock worth $36,901,000 after purchasing an additional 375,300 shares during the period. Institutional investors own 93.27% of the company’s stock.

Robinhood Markets Stock Up 3.8 %

Robinhood Markets stock opened at $20.01 on Thursday. The business has a 50 day moving average of $14.40 and a 200-day moving average of $11.70. Robinhood Markets, Inc. has a 1 year low of $7.91 and a 1 year high of $20.55.

Robinhood Markets (NASDAQ:HOOD) last released its earnings results on Tuesday, February 13th. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.04. The business had revenue of $471.00 million during the quarter, compared to the consensus estimate of $454.73 million. Robinhood Markets had a negative net margin of 29.01% and a negative return on equity of 7.87%. The company’s revenue for the quarter was up 23.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.19) EPS. On average, sell-side analysts anticipate that Robinhood Markets, Inc. will post 0.23 EPS for the current year.

Insiders Place Their Bets

In other Robinhood Markets news, insider Baiju Bhatt sold 16,667 shares of the stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $17.17, for a total transaction of $286,172.39. Following the transaction, the insider now directly owns 36,045 shares in the company, valued at approximately $618,892.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Vladimir Tenev sold 250,000 shares of the stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $12.01, for a total value of $3,002,500.00. Following the transaction, the chief executive officer now directly owns 41,134 shares in the company, valued at approximately $494,019.34. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Baiju Bhatt sold 16,667 shares of the stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $17.17, for a total value of $286,172.39. Following the completion of the transaction, the insider now owns 36,045 shares in the company, valued at $618,892.65. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,435,027 shares of company stock worth $34,531,948. Corporate insiders own 20.81% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on HOOD. The Goldman Sachs Group upped their price objective on shares of Robinhood Markets from $10.00 to $11.50 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. JMP Securities increased their target price on shares of Robinhood Markets from $23.00 to $25.00 and gave the stock a “market outperform” rating in a report on Wednesday, February 14th. TheStreet raised shares of Robinhood Markets from a “d+” rating to a “c-” rating in a report on Wednesday, February 28th. Piper Sandler increased their target price on shares of Robinhood Markets from $11.50 to $12.50 and gave the stock a “neutral” rating in a report on Wednesday, February 14th. Finally, Mizuho increased their target price on shares of Robinhood Markets from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Robinhood Markets has an average rating of “Hold” and a consensus price target of $15.46.

Robinhood Markets Company 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.