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

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) fell 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. 16,883,134 shares traded 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.

HOOD has been the topic of several other reports. Wolfe Research lowered Robinhood Markets from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, February 18th. Barclays raised their target price on Robinhood Markets from $54.00 to $76.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. JMP Securities upped their price target on Robinhood Markets from $60.00 to $77.00 and gave the stock a “market outperform” rating in a report on Thursday, February 13th. Morgan Stanley lifted their price objective on shares of Robinhood Markets from $64.00 to $90.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Finally, Cantor Fitzgerald initiated coverage on shares of Robinhood Markets in a research report on Thursday, March 6th. They set an “overweight” rating and a $69.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $60.82.

Insider Buying and Selling at Robinhood Markets

In other news, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $46.81, for a total value of $273,978.93. Following the completion of the sale, the chief technology officer now directly owns 17,559 shares in the company, valued at approximately $821,936.79. The trade was a 25.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Tenev sold 750,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $39.16, for a total value of $29,370,000.00. The disclosure for this sale can be found here. Insiders have sold 2,955,655 shares of company stock worth $143,072,448 over the last quarter. 19.95% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. New Wave Wealth Advisors LLC bought a new position in shares of Robinhood Markets during the fourth quarter valued at approximately $26,000. True Wealth Design LLC bought a new position in Robinhood Markets during the 3rd quarter worth $30,000. CoreCap Advisors LLC increased its position in Robinhood Markets by 191.6% in the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock worth $31,000 after buying an additional 550 shares during the period. Creative Financial Designs Inc. ADV lifted its stake in Robinhood Markets by 750.0% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company’s stock valued at $32,000 after buying an additional 750 shares during the last quarter. Finally, Colonial Trust Co SC acquired a new position in shares of Robinhood Markets during the fourth quarter valued at $34,000. 93.27% of the stock is owned by institutional investors and hedge funds.

Robinhood Markets Stock Down 2.5 %

The firm’s 50-day moving average price is $49.16 and its 200 day moving average price is $38.32. The firm has a market cap of $36.18 billion, a P/E ratio of 26.13, a price-to-earnings-growth ratio of 1.05 and a beta of 2.14.

Robinhood Markets (NASDAQ:HOOD) last posted its earnings results on Wednesday, February 12th. The company reported $0.54 EPS for the quarter, topping the consensus estimate 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, equities analysts predict 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.