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.
