Franklin Resources Inc. Makes New $6.32 Million Investment in Robinhood Markets, Inc. (NASDAQ:HOOD)

Franklin Resources Inc. purchased a new stake in Robinhood Markets, Inc. (NASDAQ:HOOD) during the third quarter, according to its most recent filing with the SEC. The firm purchased 269,877 shares of the company’s stock, valued at approximately $6,321,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. HM Payson & Co. boosted its position in Robinhood Markets by 53.5% during the third quarter. HM Payson & Co. now owns 1,176 shares of the company’s stock valued at $28,000 after purchasing an additional 410 shares in the last quarter. True Wealth Design LLC bought a new stake in shares of Robinhood Markets in the 3rd quarter valued at about $30,000. Eastern Bank purchased a new position in shares of Robinhood Markets in the 3rd quarter worth approximately $30,000. ORG Wealth Partners LLC bought a new position in shares of Robinhood Markets during the 3rd quarter worth approximately $33,000. Finally, International Assets Investment Management LLC bought a new position in shares of Robinhood Markets during the 2nd quarter worth approximately $40,000. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Robinhood Markets Price Performance

HOOD stock opened at $38.33 on Monday. The company has a market capitalization of $33.88 billion, a P/E ratio of 64.97, a price-to-earnings-growth ratio of 0.76 and a beta of 2.09. Robinhood Markets, Inc. has a 12 month low of $10.38 and a 12 month high of $43.83. The firm’s fifty day simple moving average is $33.11 and its 200-day simple moving average is $25.65.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.01). The business had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $660.53 million. Robinhood Markets had a net margin of 21.80% and a return on equity of 7.52%. Robinhood Markets’s revenue for the quarter was up 36.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.09) earnings per share. As a group, sell-side analysts forecast that Robinhood Markets, Inc. will post 0.8 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Robinhood Markets from $36.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. The Goldman Sachs Group upgraded Robinhood Markets from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $40.00 to $46.00 in a research note on Friday, December 6th. KeyCorp increased their price target on Robinhood Markets from $30.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Piper Sandler boosted their price target on Robinhood Markets from $36.00 to $42.00 and gave the stock an “overweight” rating in a research note on Monday, December 2nd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Robinhood Markets from $17.00 to $21.00 and gave the company an “underweight” rating in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $39.20.

Insider Buying and Selling

In related news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of Robinhood Markets stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $22.37, for a total value of $279,625.00. Following the completion of the transaction, the insider now owns 1,057,500 shares in the company, valued at $23,656,275. The trade was a 1.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Baiju Bhatt sold 186,514 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $38.13, for a total value of $7,111,778.82. Following the transaction, the director now owns 2,521 shares in the company, valued at $96,125.73. This represents a 98.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,037,689 shares of company stock valued at $177,092,487 over the last ninety days. Company insiders own 19.95% of the company’s stock.

Robinhood Markets Profile

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.