Robinhood Markets (NASDAQ:HOOD) Shares Down 2.3% on Analyst Downgrade

Robinhood Markets, Inc. (NASDAQ:HOOD) shares dropped 2.3% during trading on Monday 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 $38.84 and last traded at $40.97. Approximately 16,883,134 shares traded hands during trading, a decline of 23% from the average daily volume of 21,804,656 shares. The stock had previously closed at $41.92.

HOOD has been the topic of several other reports. The Goldman Sachs Group upgraded Robinhood Markets from a “neutral” rating to a “buy” rating and lifted their price target for the company from $40.00 to $46.00 in a research report on Friday, December 6th. Cantor Fitzgerald assumed coverage on shares of Robinhood Markets in a report on Thursday, March 6th. They issued an “overweight” rating and a $69.00 price target for the company. Morgan Stanley boosted their target price on shares of Robinhood Markets from $64.00 to $90.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. raised their target price on shares of Robinhood Markets from $39.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Finally, Raymond James started coverage on Robinhood Markets in a report on Wednesday, February 5th. They issued a “market perform” rating on the stock. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $60.82.

Insider Buying and Selling at Robinhood Markets

In other news, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $39.16, for a total transaction of $29,370,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Daniel Martin Gallagher, Jr. sold 100,000 shares of Robinhood Markets stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $40.45, for a total transaction of $4,045,000.00. Following the completion of the transaction, the insider now directly owns 731,642 shares in the company, valued at approximately $29,594,918.90. This represents a 12.02 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, 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 Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of HOOD. New Wave Wealth Advisors LLC bought a new position in Robinhood Markets in the 4th quarter worth approximately $26,000. True Wealth Design LLC acquired a new position in Robinhood Markets in the 3rd quarter valued at approximately $30,000. CoreCap Advisors LLC lifted its position in shares of Robinhood Markets by 191.6% in the 4th quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock worth $31,000 after acquiring an additional 550 shares during the period. Creative Financial Designs Inc. ADV grew its holdings in shares of Robinhood Markets by 750.0% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company’s stock worth $32,000 after purchasing an additional 750 shares in the last quarter. Finally, Colonial Trust Co SC bought a new stake in shares of Robinhood Markets during the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Price Performance

The firm has a market capitalization of $36.18 billion, a price-to-earnings ratio of 26.13, a price-to-earnings-growth ratio of 1.05 and a beta of 2.14. The business has a 50 day moving average of $49.16 and a 200 day moving average of $38.32.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. On average, sell-side analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

About Robinhood Markets

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.