Performance Wealth Partners LLC, an investment firm, disclosed its purchase of a new position in Robinhood Markets (HOOD) during the first quarter, according to the Securities and Exchange Commission (SEC). The firm acquired 10,000 shares of Robinhood’s stock, valued at approximately $97,000. This move indicates growing interest in the popular trading platform.
Hedge Funds Show Interest in Robinhood
In addition to Performance Wealth Partners LLC, a number of other hedge funds have recently bought and sold shares of Robinhood Markets. Commonwealth Equity Services LLC increased its position in the company by 3.8% during the third quarter, now owning 29,314 shares valued at $296,000. Creative Planning also boosted its position by 6.1% during the fourth quarter, acquiring 19,830 shares valued at $161,000. Asset Management One Co. Ltd. increased its stake by 21.6% during the same period, owning 6,677 shares valued at $54,000. Similarly, Amalgamated Bank increased its position by 1.3%, now owning 103,708 shares valued at $844,000. Pinebridge Investments L.P. joined in as well, increasing its stake by 2.3% to 78,595 shares valued at $640,000. Currently, institutional investors and hedge funds own 59.78% of Robinhood’s stock.
Robinhood Markets Stock Sees Positive Growth
Shares of Robinhood Markets opened at $10.66 on Tuesday, displaying a positive trend in the stock’s value. The company’s 50-day moving average is $9.19, while its two-hundred-day moving average stands at $9.33. Over the past year, Robinhood’s stock has ranged from a low of $7.57 to a high of $12.76.
Quarterly Earnings Report Reflects Positive Results
Robinhood Markets recently released its quarterly earnings results on May 10th. The company reported earnings per share (EPS) of ($0.57) for the quarter, surpassing the consensus estimate of ($0.61) by $0.04. Additionally, Robinhood generated $441.00 million in revenue for the quarter, exceeding the consensus estimate of $430.04 million. Despite a negative return on equity of 16.40% and a negative net margin of 76.47%, the positive EPS and revenue results provide an optimistic outlook for the company. Analysts anticipate that Robinhood Markets, Inc. will post a -0.62 EPS for the current year.
The growing interest from institutional investors, along with the recent positive earnings report, has contributed to a 6.8% increase in Robinhood’s stock value. As Robinhood continues to evolve in the financial markets, investors are closely watching HOOD stock performance and the potential it holds for future growth.
STA Research (StockTargetAdvisor.com) is a independent Investment Research company that specializes in stock forecasting and analysis with integrated AI, based on our platform stocktargetadvisor.com, EST 2007.
