Robinhood Markets (NASDAQ:HOOD) Stock Price Down 2.3% Following Analyst Downgrade

Robinhood Markets, Inc. (NASDAQ:HOOD) shares traded down 2.3% during mid-day 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. 16,883,134 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 21,804,656 shares. The stock had previously closed at $41.92.

Several other brokerages have also issued reports on HOOD. Cantor Fitzgerald assumed coverage on Robinhood Markets in a research note on Thursday, March 6th. They set an “overweight” rating and a $69.00 price target on the stock. Piper Sandler raised their price objective on shares of Robinhood Markets from $54.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Raymond James began coverage on shares of Robinhood Markets in a research note on Wednesday, February 5th. They set a “market perform” rating for the company. Deutsche Bank Aktiengesellschaft lowered their price objective on Robinhood Markets from $75.00 to $61.00 and set a “buy” rating on the stock in a research note on Wednesday, March 12th. Finally, Wolfe Research downgraded Robinhood Markets from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, February 18th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Robinhood Markets currently has an average rating of “Moderate Buy” and a consensus price target of $60.82.

Insider Transactions at Robinhood Markets

In related news, Director Baiju Bhatt sold 522,180 shares of the firm’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $62.70, for a total transaction of $32,740,686.00. Following the sale, the director now directly owns 5,042 shares in the company, valued at $316,133.40. This trade represents a 99.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Daniel Martin Gallagher, Jr. sold 100,000 shares of Robinhood Markets stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $40.45, for a total value of $4,045,000.00. Following the completion of the sale, the insider now directly owns 731,642 shares in the company, valued at $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 ninety days, insiders sold 2,955,655 shares of company stock worth $143,072,448. 19.95% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

A number of hedge funds and other institutional investors have recently bought and sold shares of HOOD. Wellington Management Group LLP bought a new position in shares of Robinhood Markets during the fourth quarter worth approximately $588,000. Kilter Group LLC bought a new position in Robinhood Markets in the fourth quarter valued at approximately $240,000. Siemens Fonds Invest GmbH bought a new position in shares of Robinhood Markets in the 4th quarter valued at $217,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Robinhood Markets during the fourth quarter worth about $4,886,000. Finally, Employees Retirement System of Texas bought a new position in Robinhood Markets in the 4th quarter valued at approximately $1,609,000. Institutional investors own 93.27% of the company’s stock.

Robinhood Markets Stock Performance

The company has a market cap of $36.85 billion, a price-to-earnings ratio of 26.51, a P/E/G ratio of 1.05 and a beta of 2.14. The company has a fifty day moving average of $49.03 and a two-hundred day moving average of $38.46.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.54 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%. Equities analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal 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.