Robinhood Markets (NASDAQ:HOOD) Stock Price Down 6.9% After Analyst Downgrade

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) were 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 changed hands during trading, a decline of 20% from the average daily volume of 21,523,713 shares. The stock had previously closed at $43.99.

HOOD has been the topic of several other research reports. Keefe, Bruyette & Woods increased their target price on shares of Robinhood Markets from $38.00 to $60.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. Morgan Stanley increased their price objective on shares of Robinhood Markets from $64.00 to $90.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Raymond James started coverage on Robinhood Markets in a research report on Wednesday, February 5th. They set a “market perform” rating for the company. JMP Securities upped their target price on Robinhood Markets from $60.00 to $77.00 and gave the company a “market outperform” rating in a research note on Thursday, February 13th. Finally, JPMorgan Chase & Co. raised their price target on Robinhood Markets from $39.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Five investment 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 has an average rating of “Moderate Buy” and a consensus price target of $60.82.

Insider Buying and Selling at Robinhood Markets

In other Robinhood Markets news, CTO Jeffrey Tsvi Pinner sold 5,876 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $42.64, for a total transaction of $250,552.64. Following the transaction, the chief technology officer now owns 5,876 shares in the company, valued at approximately $250,552.64. This represents a 50.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $39.16, for a total transaction of $29,370,000.00. The disclosure for this sale can be found here. Insiders sold a total of 2,955,655 shares of company stock worth $143,072,448 over the last three months. Corporate insiders own 19.95% of the company’s stock.

Hedge Funds Weigh In On Robinhood Markets

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

The stock has a fifty day simple moving average of $49.16 and a 200-day simple moving average of $38.06. The company has a market capitalization of $37.12 billion, a price-to-earnings ratio of 26.70, a P/E/G 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 earnings per share (EPS) for the quarter, beating 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%. As a group, equities analysts expect 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.