Ellevest Inc. has increased its holdings in Robinhood Markets, Inc. by 9.8% during the second quarter of 2023. According to the latest 13F filing with the Securities and Exchange Commission (SEC), Ellevest now owns a total of 7,662 shares of Robinhood, valued at approximately $717,000. This increase follows the acquisition of an additional 683 shares during the quarter.
Other institutional investors have also adjusted their positions in Robinhood Markets (NASDAQ: HOOD). Notably, WCM Investment Management LLC significantly expanded its stake by an astounding 3,615.7%, acquiring an additional 11,244,182 shares to bring its total to 11,555,160 shares, valued at $1.08 billion. Kingstone Capital Partners Texas LLC entered the market with a new position worth $951.5 million.
Vanguard Group Inc. increased its stake by 8.6% in the first quarter, now holding 74,241,080 shares valued at approximately $3.09 billion. AGF Management Ltd. also reported a 286.0% increase, acquiring 5,743,715 shares worth $239 million. In total, institutional investors now own 93.27% of Robinhood’s stock.
Analyst Ratings and Stock Performance
Recent analyst reports indicate a positive outlook for Robinhood Markets. The Goldman Sachs Group raised its price target from $134.00 to $152.00 while maintaining a “buy” rating. Similarly, Bank of America increased its target from $139.00 to $157.00, also with a “buy” rating. Piper Sandler reiterated an “overweight” rating, adjusting its target price from $120.00 to $140.00. JMP Securities went further, boosting its price target from $130.00 to $170.00.
According to MarketBeat.com, thirteen analysts have rated the stock as a buy, while eight hold, and one has given a sell rating. The average target price stands at $125.10, reflecting a “Moderate Buy” consensus.
Insider Transactions and Stock Market Activity
In related insider trading news, Director Meyer Malka sold 1,093,288 shares on August 28, realizing a total of $113.56 million at an average price of $103.87. Following this transaction, Malka retained 3,976,234 shares, valued at approximately $413 million, marking a 21.57% reduction in his position. Another insider, Steven M. Quirk, sold 60,113 shares on September 3 for $6.07 million, which was a 38.89% decrease in his holdings.
Overall, insiders have sold 3,337,392 shares valued at $397.12 million in the past ninety days, with insiders owning 14.47% of the total stock.
On October 2, 2023, shares of Robinhood opened at $142.48, marking a 4.2% increase. The company boasts a market capitalization of $126.62 billion, a price-to-earnings (P/E) ratio of 72.33, and a beta of 2.42. Robinhood’s stock has fluctuated between a low of $26.74 and a high of $153.86 over the past year.
The company recently reported its quarterly earnings, revealing earnings per share (EPS) of $0.61, surpassing the consensus estimate of $0.41 by $0.20. Revenue reached $1.27 billion, exceeding analysts’ expectations of $1.15 billion. Year-over-year, Robinhood’s revenue has doubled, a remarkable achievement compared to $0.17 EPS during the same quarter last year.
Analysts predict Robinhood Markets, Inc. will post an EPS of $1.35 for the current fiscal year, indicating continued growth potential for the company in the evolving financial services landscape.
