Fred Alger Management Adds $16M in Robinhood Markets, Inc. ($HOOD)
Key Points
- Fred Alger Management changed its Robinhood Markets, Inc. ($HOOD) stake by 17.7% last quarter, boosting to 1,114,474 shares worth $103.83 million.
- Wall Street's consensus rating on $HOOD is Buy and an average price target of $100.86.
- $HOOD last traded around $93.16.
Fred Alger Management increased its position in Robinhood Markets, Inc. ($HOOD) by 17.7% during the most recent quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,114,474 shares of Robinhood Markets, Inc. after buying 167,934 shares during the quarter. Fred Alger Management's holdings in Robinhood Markets, Inc. were worth $103.83 million as of its most recent filing.
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About Robinhood Markets, Inc.
Robinhood Markets, Inc. operates financial services platform in the United States. The company's platform allows users to invest in stocks, exchange-traded funds (ETFs), and American depository receipts. It offers fractional trading, recurring investments, access to investing on margin, fully-paid securities lending, cash sweep, instant withdrawals, retirement program, around-the-clock trading, joint investing accounts, event contracts, future contract services, and short selling. The company also provides various learning and education solutions comprise Snacks, an accessible digest of business news stories for a new generation of investors; Learn, which is an online collection of guides, feature tutorials, and financial dictionary; Newsfeeds that offer access to free, premium news from sites from various sites, such as Barron's, Reuters, and Dow Jones. In addition, the company offers In-App Education, a resource that covers investing fundamentals, including why people invest, a stock market overview, and tips on how to define investing goals, as well as allows customers to understand the basics of investing before their first trade; and Crypto Learn and Earn, an educational module available to various crypto customers through Robinhood Learn to teach customers the basics related to cryptocurrency. Further, it provides Robinhood credit cards, cash card and spending accounts, and wallets. Robinhood Markets, Inc. was incorporated in 2013 and is headquartered in Menlo Park, California.
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