Robinhood Markets (NASDAQ:HOOD) Trading Down 11.1% After Analyst Downgrade

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price dropped 11.1% on Thursday after Citigroup lowered their price target on the stock from $60.00 to $50.00. Citigroup currently has a neutral rating on the stock. Robinhood Markets traded as low as $37.44 and last traded at $37.95. Approximately 31,848,171 shares changed hands during mid-day trading, an increase of 44% from the average daily volume of 22,164,749 shares. The stock had previously closed at $42.68.

A number of other research analysts have also commented on HOOD. Mizuho raised their price objective on shares of Robinhood Markets from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Wolfe Research lowered shares of Robinhood Markets from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, February 18th. 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 research report on Thursday, February 13th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Robinhood Markets from $75.00 to $61.00 and set a “buy” rating for the company in a report on Wednesday, March 12th. Finally, KeyCorp boosted their target price on Robinhood Markets from $57.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.24.

Insider Buying and Selling at Robinhood Markets

In other Robinhood Markets news, Director Baiju Bhatt sold 47,023 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $46.37, for a total value of $2,180,456.51. Following the completion of the sale, the director now directly owns 5,042 shares of the company’s stock, valued at $233,797.54. This represents a 90.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Jeffrey Tsvi Pinner sold 5,853 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $43.36, for a total transaction of $253,786.08. Following the transaction, the chief technology officer now owns 11,706 shares in the company, valued at approximately $507,572.16. The trade was a 33.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,205,655 shares of company stock valued at $113,702,448 in the last 90 days. 19.95% of the stock is currently owned by insiders.

Institutional Trading of Robinhood Markets

A number of hedge funds have recently modified their holdings of HOOD. New Wave Wealth Advisors LLC acquired a new position in shares of Robinhood Markets in the fourth quarter valued at $26,000. CoreCap Advisors LLC raised its stake in shares of Robinhood Markets by 191.6% in the 4th quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock valued at $31,000 after buying an additional 550 shares in the last quarter. Creative Financial Designs Inc. ADV raised its stake in shares of Robinhood Markets by 750.0% in the 4th 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 in the last quarter. Colonial Trust Co SC bought a new position in shares of Robinhood Markets during the 4th quarter worth about $34,000. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Robinhood Markets by 139.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 854 shares of the company’s stock valued at $36,000 after acquiring an additional 498 shares in the last quarter. Institutional investors own 93.27% of the company’s stock.

Robinhood Markets Price Performance

The firm has a market cap of $33.56 billion, a P/E ratio of 24.14, a PEG ratio of 1.05 and a beta of 2.14. The stock’s 50 day moving average is $48.73 and its two-hundred day moving average is $38.63.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share (EPS) for the quarter, topping 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%. As a group, research 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.