Legal & General Group Plc Sells 704,724 Shares of Robinhood Markets, Inc. (NASDAQ:HOOD)

Legal & General Group Plc cut its holdings in Robinhood Markets, Inc. (NASDAQ:HOOD) by 39.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,075,897 shares of the company’s stock after selling 704,724 shares during the period. Legal & General Group Plc’s holdings in Robinhood Markets were worth $40,088,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Quantinno Capital Management LP grew its stake in Robinhood Markets by 45.6% during the third quarter. Quantinno Capital Management LP now owns 37,867 shares of the company’s stock valued at $887,000 after acquiring an additional 11,859 shares in the last quarter. MML Investors Services LLC boosted its stake in Robinhood Markets by 58.0% during the third quarter. MML Investors Services LLC now owns 51,839 shares of the company’s stock valued at $1,214,000 after buying an additional 19,027 shares during the period. Nomura Asset Management Co. Ltd. grew its position in Robinhood Markets by 12.6% during the third quarter. Nomura Asset Management Co. Ltd. now owns 154,100 shares of the company’s stock worth $3,609,000 after buying an additional 17,200 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Robinhood Markets by 19.5% in the 3rd quarter. Geode Capital Management LLC now owns 11,620,673 shares of the company’s stock valued at $271,708,000 after acquiring an additional 1,895,427 shares in the last quarter. Finally, Toronto Dominion Bank boosted its position in shares of Robinhood Markets by 31.1% during the 3rd quarter. Toronto Dominion Bank now owns 68,408 shares of the company’s stock valued at $1,602,000 after acquiring an additional 16,219 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Robinhood Markets news, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $41.96, for a total transaction of $31,470,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Baiju Bhatt sold 90,866 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $45.27, for a total value of $4,113,503.82. Following the completion of the sale, the director now directly owns 5,042 shares in the company, valued at $228,251.34. This trade represents a 94.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,651,987 shares of company stock valued at $132,806,233. Corporate insiders own 19.95% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on HOOD shares. Raymond James assumed coverage on shares of Robinhood Markets in a research note on Wednesday, February 5th. They issued a “market perform” rating on the stock. Piper Sandler increased their target price on Robinhood Markets from $54.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Deutsche Bank Aktiengesellschaft cut their price objective on Robinhood Markets from $75.00 to $61.00 and set a “buy” rating for the company in a report on Wednesday, March 12th. KeyCorp upped their target price on Robinhood Markets from $57.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $60.00 price objective on shares of Robinhood Markets in a report on Thursday, March 27th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Robinhood Markets has a consensus rating of “Moderate Buy” and a consensus price target of $55.06.

Robinhood Markets Price Performance

HOOD opened at $43.68 on Friday. The firm has a market capitalization of $38.68 billion, a price-to-earnings ratio of 27.82, a PEG ratio of 1.05 and a beta of 2.17. Robinhood Markets, Inc. has a one year low of $13.98 and a one year high of $66.91. The business has a 50 day simple moving average of $46.45 and a two-hundred day simple moving average of $39.50.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. As a group, sell-side analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

About Robinhood Markets

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.