Retirement Systems of Alabama Invests $23.64 Million in Robinhood Markets, Inc. $HOOD

Retirement Systems of Alabama bought a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 165,101 shares of the company’s stock, valued at approximately $23,639,000.

Several other hedge funds and other institutional investors have also modified their holdings of HOOD. Whittier Trust Co. lifted its position in shares of Robinhood Markets by 18.5% in the 3rd quarter. Whittier Trust Co. now owns 12,669 shares of the company’s stock worth $1,884,000 after acquiring an additional 1,974 shares during the period. CIBC Asset Management Inc increased its holdings in shares of Robinhood Markets by 229.6% during the third quarter. CIBC Asset Management Inc now owns 105,975 shares of the company’s stock worth $15,174,000 after buying an additional 73,820 shares in the last quarter. BLB&B Advisors LLC acquired a new position in Robinhood Markets in the third quarter worth $8,030,000. Sagespring Wealth Partners LLC lifted its position in Robinhood Markets by 10.2% during the 3rd quarter. Sagespring Wealth Partners LLC now owns 10,356 shares of the company’s stock worth $1,483,000 after buying an additional 956 shares in the last quarter. Finally, Owen LaRue LLC bought a new stake in shares of Robinhood Markets during the third quarter valued at approximately $306,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Stock Performance

Shares of NASDAQ:HOOD opened at $107.00 on Tuesday. The company has a fifty day moving average of $118.77 and a 200-day moving average of $119.93. Robinhood Markets, Inc. has a 52-week low of $29.66 and a 52-week high of $153.86. The company has a market capitalization of $96.21 billion, a PE ratio of 44.40, a price-to-earnings-growth ratio of 1.67 and a beta of 2.44.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.20. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.15 billion. Robinhood Markets had a net margin of 52.19% and a return on equity of 21.74%. The company’s revenue was up 100.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.17 EPS. On average, equities analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Insider Activity

In other news, insider Daniel Martin Gallagher, Jr. sold 120,000 shares of Robinhood Markets stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $132.13, for a total value of $15,855,600.00. Following the completion of the transaction, the insider owned 430,012 shares in the company, valued at $56,817,485.56. This trade represents a 21.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Baiju Bhatt sold 1,330,000 shares of Robinhood Markets stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $128.47, for a total value of $170,865,100.00. The SEC filing for this sale provides additional information. Insiders sold 2,872,561 shares of company stock worth $357,470,545 in the last quarter. 19.95% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on HOOD. JMP Securities lifted their price target on shares of Robinhood Markets from $130.00 to $170.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 9th. Zacks Research downgraded Robinhood Markets from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Loop Capital set a $152.00 price objective on shares of Robinhood Markets in a research report on Thursday, December 11th. Barclays reduced their price target on Robinhood Markets from $171.00 to $159.00 and set an “overweight” rating for the company in a research report on Thursday, January 8th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Robinhood Markets in a research report on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Robinhood Markets has an average rating of “Moderate Buy” and an average price target of $136.62.

Robinhood Markets Company Profile

Robinhood Markets, Inc (NASDAQ: HOOD) is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to “democratize finance for all.” Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.

Robinhood’s core products and services include a mobile app and web platform for trading U.S.