SummitTX Capital L.P. Purchases Shares of 56,262 Robinhood Markets, Inc. $HOOD

SummitTX Capital L.P. acquired a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 56,262 shares of the company’s stock, valued at approximately $3,899,000.

A number of other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Robinhood Markets by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 95,771,497 shares of the company’s stock valued at $10,831,756,000 after buying an additional 1,334,443 shares in the last quarter. State Street Corp increased its position in shares of Robinhood Markets by 2.7% during the 4th quarter. State Street Corp now owns 33,121,452 shares of the company’s stock worth $3,746,036,000 after purchasing an additional 875,297 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Robinhood Markets by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 21,171,925 shares of the company’s stock worth $2,386,944,000 after purchasing an additional 356,902 shares in the last quarter. Morgan Stanley lifted its holdings in Robinhood Markets by 23.9% during the 4th quarter. Morgan Stanley now owns 10,683,776 shares of the company’s stock valued at $1,208,335,000 after purchasing an additional 2,061,832 shares during the last quarter. Finally, Norges Bank bought a new position in Robinhood Markets during the 4th quarter valued at about $1,202,160,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Wall Street Zen raised shares of Robinhood Markets from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. Sanford C. Bernstein boosted their target price on Robinhood Markets from $130.00 to $160.00 and gave the stock an “outperform” rating in a report on Monday, July 20th. Cantor Fitzgerald restated an “overweight” rating and set a $110.00 price target on shares of Robinhood Markets in a research report on Tuesday, June 9th. BTIG Research reaffirmed a “buy” rating and set a $125.00 price target on shares of Robinhood Markets in a report on Thursday, July 2nd. Finally, Barclays lifted their price objective on Robinhood Markets from $82.00 to $122.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $122.22.

Robinhood Markets Price Performance

Shares of Robinhood Markets stock opened at $95.65 on Tuesday. The firm has a 50 day simple moving average of $96.89 and a 200 day simple moving average of $88.19. Robinhood Markets, Inc. has a fifty-two week low of $63.51 and a fifty-two week high of $153.86. The firm has a market cap of $86.13 billion, a P/E ratio of 46.21, a P/E/G ratio of 2.00 and a beta of 2.33.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.01). The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.14 billion. Robinhood Markets had a return on equity of 21.39% and a net margin of 41.12%.The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.37 EPS. On average, sell-side analysts expect that Robinhood Markets, Inc. will post 1.86 EPS for the current year.

Insider Activity at Robinhood Markets

In other news, CEO Vladimir Tenev sold 375,000 shares of the company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $116.17, for a total transaction of $43,563,750.00. Following the transaction, the chief executive officer owned 375,000 shares of the company’s stock, valued at $43,563,750. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Daniel Martin Gallagher, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $116.14, for a total value of $1,161,400.00. Following the completion of the transaction, the insider owned 471,396 shares in the company, valued at approximately $54,747,931.44. This represents a 2.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have purchased 680,000 shares of company stock valued at $55,306,560 and have sold 582,040 shares valued at $62,113,242. Insiders own 13.48% of the company’s stock.

Robinhood Markets News Summary

Here are the key news stories impacting Robinhood Markets this week:

• Positive Sentiment: Robinhood is reportedly considering a partnership with Crypto.com to expand its prediction-market offerings. The arrangement could improve market reliability, broaden event coverage and allow Robinhood to capture more economics from the growing business. HOOD Eyes Deeper Push Into Prediction Markets: What Does This Mean?
• Positive Sentiment: Robinhood’s blockchain strategy is gaining attention, with its Robinhood Chain reportedly ranking third among applications by weekly fees at approximately $25 million. Growth in real-world assets, meme coins and prediction markets could create additional transaction and platform revenue opportunities. Robinhood Bets on 3 Crypto Sectors as Blockchain Fees Hit $25 Million
• Neutral Sentiment: Robinhood is scheduled to report second-quarter earnings, with investors looking for continued strength in stock and options trading. The prediction-market initiative offers a potential growth avenue, but any Crypto.com agreement remains unconfirmed and could face regulatory scrutiny. Robinhood to Report Earnings Tomorrow
• Negative Sentiment: Analysts caution that weak cryptocurrency activity, rising expenses and Robinhood’s premium valuation cloud the outlook heading into earnings. The stock’s elevated valuation leaves less room for disappointment if revenue or guidance falls short of expectations. Buy, Hold or Sell Robinhood Stock? Key Insights Ahead of Q2 Earnings

About Robinhood Markets

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.