Robinhood Markets (NASDAQ:HOOD) Shares Down 6.9% Following Analyst Downgrade

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price was down 6.9% during mid-day trading on Friday after Needham & Company LLC lowered their price target on the stock from $70.00 to $62.00. Needham & Company LLC currently has a buy rating on the stock. Robinhood Markets traded as low as $40.57 and last traded at $40.94. Approximately 17,233,478 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 21,523,713 shares. The stock had previously closed at $43.99.

Other analysts have also issued reports about the stock. Compass Point assumed coverage on shares of Robinhood Markets in a research report on Wednesday, March 19th. They set a “buy” rating and a $61.00 target price for the company. KeyCorp boosted their price objective on shares of Robinhood Markets from $57.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. JMP Securities raised their target price on Robinhood Markets from $60.00 to $77.00 and gave the stock a “market outperform” rating in a report on Thursday, February 13th. The Goldman Sachs Group upgraded Robinhood Markets from a “neutral” rating to a “buy” rating and lifted their target price for the company from $40.00 to $46.00 in a research report on Friday, December 6th. Finally, Morgan Stanley upped their price target on Robinhood Markets from $64.00 to $90.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.82.

Insider Transactions at Robinhood Markets

In related news, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $46.81, for a total value of $273,978.93. Following the transaction, the chief technology officer now owns 17,559 shares of the company’s stock, valued at $821,936.79. This trade represents a 25.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Baiju Bhatt sold 228,645 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $40.37, for a total transaction of $9,230,398.65. Following the completion of the sale, the director now directly owns 5,042 shares of the company’s stock, valued at approximately $203,545.54. This trade represents a 97.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,955,655 shares of company stock worth $143,072,448. 19.95% of the stock is currently owned by company insiders.

Institutional Trading of Robinhood Markets

A number of large investors have recently modified their holdings of HOOD. Toronto Dominion Bank grew its position in shares of Robinhood Markets by 31.1% during the 3rd quarter. Toronto Dominion Bank now owns 68,408 shares of the company’s stock worth $1,602,000 after buying an additional 16,219 shares in the last quarter. IFP Advisors Inc lifted its stake in Robinhood Markets by 601.1% in the fourth quarter. IFP Advisors Inc now owns 4,396 shares of the company’s stock worth $164,000 after acquiring an additional 3,769 shares during the period. Everence Capital Management Inc. bought a new position in Robinhood Markets during the 4th quarter worth about $634,000. Charles Schwab Investment Management Inc. increased its position in Robinhood Markets by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,719,732 shares of the company’s stock valued at $175,857,000 after purchasing an additional 138,267 shares during the period. Finally, Atomi Financial Group Inc. raised its holdings in shares of Robinhood Markets by 20.7% in the 4th quarter. Atomi Financial Group Inc. now owns 540,910 shares of the company’s stock valued at $20,154,000 after purchasing an additional 92,613 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Robinhood Markets Trading Down 6.9 %

The stock has a market cap of $36.25 billion, a PE ratio of 26.10, a PEG ratio of 1.05 and a beta of 2.14. The firm’s 50-day moving average price is $49.29 and its two-hundred day moving average price is $37.91.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. On average, analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share for the current year.

Robinhood Markets Company 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.