Meridian Wealth Management LLC Increases Stake in Robinhood Markets, Inc. $HOOD

Meridian Wealth Management LLC grew its holdings in shares of Robinhood Markets, Inc. (NASDAQ:HOOD) by 6.2% in the second quarter, HoldingsChannel reports. The fund owned 231,591 shares of the company’s stock after purchasing an additional 13,567 shares during the quarter. Robinhood Markets makes up about 0.9% of Meridian Wealth Management LLC’s portfolio, making the stock its 17th largest holding. Meridian Wealth Management LLC’s holdings in Robinhood Markets were worth $21,684,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of HOOD. Envestnet Asset Management Inc. increased its position in Robinhood Markets by 30.0% in the first quarter. Envestnet Asset Management Inc. now owns 328,511 shares of the company’s stock worth $13,673,000 after buying an additional 75,745 shares in the last quarter. Allworth Financial LP increased its holdings in Robinhood Markets by 23.4% in the 1st quarter. Allworth Financial LP now owns 1,401 shares of the company’s stock worth $58,000 after acquiring an additional 266 shares in the last quarter. Stephens Inc. AR bought a new stake in Robinhood Markets during the 1st quarter worth approximately $243,000. Dakota Wealth Management purchased a new position in Robinhood Markets during the first quarter valued at approximately $501,000. Finally, Wealthfront Advisers LLC lifted its holdings in Robinhood Markets by 213.2% during the first quarter. Wealthfront Advisers LLC now owns 132,162 shares of the company’s stock valued at $5,501,000 after purchasing an additional 89,971 shares in the last quarter. 93.27% of the stock is owned by institutional investors.

Robinhood Markets Stock Up 0.8%

Robinhood Markets stock opened at $122.50 on Friday. The company’s 50-day moving average price is $132.81 and its 200-day moving average price is $102.40. The company has a market cap of $110.15 billion, a PE ratio of 50.83, a price-to-earnings-growth ratio of 2.78 and a beta of 2.42. Robinhood Markets, Inc. has a twelve month low of $29.66 and a twelve month high of $153.86.

Robinhood Markets (NASDAQ:HOOD) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.20. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.15 billion. Robinhood Markets had a return on equity of 21.74% and a net margin of 52.19%.The company’s quarterly revenue was up 100.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.17 earnings per share. As a group, sell-side analysts expect that Robinhood Markets, Inc. will post 1.35 earnings per share for the current fiscal year.

Insider Activity at Robinhood Markets

In other Robinhood Markets news, Director Meyer Malka sold 1,093,288 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $103.87, for a total transaction of $113,559,824.56. Following the completion of the transaction, the director owned 3,976,234 shares in the company, valued at $413,011,425.58. The trade was a 21.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Steven M. Quirk sold 60,113 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $100.91, for a total value of $6,066,002.83. Following the completion of the sale, the insider owned 94,454 shares in the company, valued at approximately $9,531,353.14. The trade was a 38.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 4,297,404 shares of company stock valued at $529,026,559 over the last three months. Corporate insiders own 14.47% of the company’s stock.

Analyst Upgrades and Downgrades

HOOD has been the topic of several recent analyst reports. Piper Sandler restated an “overweight” rating and set a $140.00 price objective (up from $120.00) on shares of Robinhood Markets in a research report on Tuesday, September 23rd. Loop Capital set a $161.00 price target on Robinhood Markets in a report on Monday, October 27th. Needham & Company LLC boosted their price target on Robinhood Markets from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Compass Point reaffirmed a “buy” rating on shares of Robinhood Markets in a report on Monday, October 27th. Finally, Citizens Jmp boosted their target price on shares of Robinhood Markets from $170.00 to $180.00 and gave the stock a “market outperform” rating in a report on Friday, November 7th. Fourteen research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $132.65.

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.