The Vanguard Group, Inc. recently announced the acquisition of new stake in Robinhood Markets Inc (NASDAQ:HOOD). The institutional investor has increased its shareholding in the Financial company by 3.93% to 56.53 million shares with purchase of 2.14 million shares. This fresh investment now brings its stake to 7.21% valued currently at $516.69 million. In addition, ARK Investment Management LLC raised its holdings by 0.92 million to 32.83 million shares.
With over 23.02 million Robinhood Markets Inc (HOOD) shares trading Friday and a closing price of $11.73 on the day, the dollar volume was approximately $270.02 million. The shares have shown a positive half year performance of 24.65% and its price on 12/08/23 gained nearly 2.18%. Currently, there are 764.89M common shares owned by the public and among those 456.02M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 16 analysts who have offered their price forecasts for HOOD have a consensus price objective of $11.85. The analysts have set the share’s price value over the next 12 months at a high of $23.00 and a low of $9.00. The average price target is 1.01% above its recent price level and a downside to the estimated low will see the stock lose -30.33% over that period. But an upside of 49.0% will see the stock hit the forecast high price target while median target price for the stock is $10.50.
Insiders at the company have transacted a total of 153 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 80 of these insider trades were purchases, accounting for 2,764,142 shares. Insider sales of the common stock occurred on 73 occasions, with total insider shares sold totaling 3,398,053 shares.
The top 3 mutual fund holders in Robinhood Markets Inc are ARK Innovation ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. ARK Innovation ETF owns 21.17 million shares of the company’s stock, all valued at over $193.47 million. The company sold 61360.0 shares recently to bring their total holdings to about 2.70% of the shares outstanding. Vanguard Total Stock Market ETF bought 35061.0 shares to see its total holdings expand to 19.67 million shares valued at over $179.76 million and representing 2.51% of the shares outstanding. Vanguard Small Cap Index Fund bought 35247.0 shares to bring its total holdings to over 16.18 million shares at a value of $147.91 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.06% of the shares outstanding.
Shares of Robinhood Markets Inc (NASDAQ: HOOD) opened at $11.23, down -$0.25 from a prior closing price of $11.48. However, the script later moved the day high at 11.74, up 2.18%. The company’s stock has a 5-day price change of 25.86% and 8.21% over the past three months. HOOD shares are trading 44.10% year to date (YTD), with the 12-month market performance up to 26.67% higher. It has a 12-month low price of $7.57 and touched a high of $13.23 over the same period. HOOD has an average intraday trading volume of 8.96 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 32.65%, 27.79%, and 19.23% respectively.
Institutional ownership of Robinhood Markets Inc (NASDAQ: HOOD) shares accounts for 36.55% of the company’s 764.89M shares outstanding. Mutual fund holders own 20.87%, while other institutional holders and individual stakeholders account for 21.13% and 19.44% respectively.
It has a market capitalization of $10.14B and a beta (3y monthly) value of 1.21. The earnings-per-share (ttm) stands at -$0.82. The company has a debt-to-equity ratio at 0.72. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.56% over the week and 4.91% over the month.
Analysts forecast that Robinhood Markets Inc (HOOD) will achieve an EPS of -$0.02 for the current quarter, $0.01 for the next quarter and $0.09 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.05 while analysts give the company a high EPS estimate of $0.03. Comparatively, EPS for the current quarter was -$0.19 a year ago. Earnings per share for the fiscal year are expected to increase by 44.17%, and 112.72% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate Robinhood Markets Inc (HOOD) as a “Moderate Buy” at a consensus score of 2.81. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 9 of the 16 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the HOOD, a number of firms have released research notes about the stock. Redburn Atlantic stated their Neutral rating for the stock in a research note on December 01, 2023, with the firm’s price target at $9.50.
