Kornitzer Capital Management Inc. KS Purchases 13,000 Shares of Robinhood Markets, Inc. $HOOD

Kornitzer Capital Management Inc. KS purchased 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 purchased 13,000 shares of the company’s stock, valued at approximately $1,462,000.

A number of other institutional investors also recently modified their holdings of HOOD. Amundi lifted its holdings in shares of Robinhood Markets by 89.0% in the first quarter. Amundi now owns 6,385,232 shares of the company’s stock worth $442,497,000 after acquiring an additional 3,007,103 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Robinhood Markets during the 2nd quarter worth approximately $379,695,000. Amova Asset Management Americas Inc. increased its position in Robinhood Markets by 15.0% during the 1st quarter. Amova Asset Management Americas Inc. now owns 5,240,796 shares of the company’s stock worth $362,925,000 after purchasing an additional 685,041 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Robinhood Markets by 48.6% in the 1st quarter. Renaissance Technologies LLC now owns 5,104,137 shares of the company’s stock valued at $353,717,000 after purchasing an additional 1,668,400 shares during the last quarter. Finally, National Pension Service lifted its stake in Robinhood Markets by 5.1% in the 2nd quarter. National Pension Service now owns 2,298,238 shares of the company’s stock valued at $230,467,000 after purchasing an additional 112,365 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on HOOD. JPMorgan Chase & Co. cut their target price on shares of Robinhood Markets from $115.00 to $114.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 28th. Raymond James Financial reiterated a “market perform” rating on shares of Robinhood Markets in a research note on Monday, October 5th. Cantor Fitzgerald cut their price objective on Robinhood Markets from $150.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday, October 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Robinhood Markets in a report on Monday, September 21st. Finally, BTIG Research restated a “buy” rating and set a $135.00 price objective on shares of Robinhood Markets in a research report on Wednesday, October 28th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Robinhood Markets has an average rating of “Moderate Buy” and an average price target of $126.45.

Robinhood Markets Stock Up 3.0%

Shares of NASDAQ HOOD opened at $83.32 on Tuesday. The company has a 50 day simple moving average of $105.55 and a 200 day simple moving average of $92.18. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.24 and a quick ratio of 1.24. Robinhood Markets, Inc. has a 1 year low of $63.51 and a 1 year high of $139.75. The firm has a market cap of $74.91 billion, a PE ratio of 38.40, a price-to-earnings-growth ratio of 1.95 and a beta of 2.56.

Robinhood Markets (NASDAQ:HOOD) last posted its earnings results on Wednesday, October 28th. The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.04. Robinhood Markets had a net margin of 39.04% and a return on equity of 21.49%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the firm posted $0.61 EPS. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, research analysts forecast that Robinhood Markets, Inc. will post 2.10 EPS for the current year.

Insider Activity

In other news, insider Steven Quirk sold 24,416 shares of Robinhood Markets stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $120.33, for a total transaction of $2,937,977.28. Following the transaction, the insider owned 77,839 shares in the company, valued at approximately $9,366,366.87. The trade was a 23.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Shiv Verma sold 11,472 shares of the business’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $110.42, for a total transaction of $1,266,738.24. Following the completion of the sale, the chief financial officer directly owned 56,858 shares in the company, valued at approximately $6,278,260.36. This represents a 16.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 1,095,820 shares of company stock valued at $128,775,816. 13.48% of the stock is currently owned by company insiders.

Robinhood Markets Company Profile

Robinhood Markets, Inc operates a digital financial services platform that gives customers access to investing and financial products through its website and mobile app. Its offerings include trading in stocks, exchange-traded funds, options and cryptocurrencies, as well as retirement accounts and cash-management services.

Founded in 2013 by Vlad Tenev and Baiju Bhatt, Robinhood built its business around making financial services more accessible through a mobile-first platform. The company is headquartered in Menlo Park, California, and serves customers in the United States and select international markets.

Robinhood also offers subscription-based services through Robinhood Gold, which provides eligible customers with additional account features.