Robinhood Markets (NASDAQ:HOOD) Shares Down 7.3% Following Analyst Downgrade

Robinhood Markets, Inc. (NASDAQ:HOOD) shares were down 7.3% on Thursday after Cantor Fitzgerald lowered their price target on the stock from $155.00 to $152.00. Cantor Fitzgerald currently has an overweight rating on the stock. Robinhood Markets traded as low as $125.29 and last traded at $125.7980. Approximately 10,033,547 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 39,106,000 shares. The stock had previously closed at $135.66.

A number of other brokerages have also recently weighed in on HOOD. Keefe, Bruyette & Woods boosted their price target on Robinhood Markets from $121.00 to $135.00 and gave the stock a “market perform” rating in a research report on Thursday, November 6th. Citigroup boosted their target price on Robinhood Markets from $120.00 to $135.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. The Goldman Sachs Group increased their price target on Robinhood Markets from $134.00 to $152.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. KeyCorp lifted their price target on shares of Robinhood Markets from $135.00 to $155.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Robinhood Markets in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $136.16.

Insiders Place Their Bets

In other Robinhood Markets news, CTO Jeffrey Tsvi Pinner sold 5,865 shares of the stock in a transaction on Friday, December 5th. The shares were sold at an average price of $132.26, for a total value of $775,704.90. Following the completion of the sale, the chief technology officer directly owned 26,725 shares of the company’s stock, valued at $3,534,648.50. This represents a 18.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Baiju Bhatt sold 418,338 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $116.56, for a total transaction of $48,761,477.28. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,686,763 shares of company stock valued at $475,858,262 over the last ninety days. 14.47% of the stock is owned by insiders.

Institutional Investors Weigh In On Robinhood Markets

Several hedge funds have recently made changes to their positions in HOOD. Polar Asset Management Partners Inc. acquired a new stake in Robinhood Markets during the third quarter worth about $1,002,000. Cambria Investment Management L.P. raised its holdings in Robinhood Markets by 63.1% in the 3rd quarter. Cambria Investment Management L.P. now owns 15,358 shares of the company’s stock valued at $2,199,000 after acquiring an additional 5,943 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new position in Robinhood Markets in the 3rd quarter valued at approximately $15,056,000. Tcfg Wealth Management LLC lifted its position in shares of Robinhood Markets by 35.0% in the 3rd quarter. Tcfg Wealth Management LLC now owns 3,626 shares of the company’s stock worth $519,000 after acquiring an additional 941 shares during the period. Finally, WBI Investments LLC acquired a new stake in shares of Robinhood Markets during the 3rd quarter worth approximately $1,431,000. Institutional investors own 93.27% of the company’s stock.

Robinhood Markets Stock Down 9.0%

The business has a 50-day moving average price of $133.07 and a 200-day moving average price of $111.25. The firm has a market capitalization of $110.98 billion, a P/E ratio of 51.48, a PEG ratio of 3.05 and a beta of 2.43.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results on Wednesday, November 5th. The company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.41 by $0.20. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Robinhood Markets had a return on equity of 21.74% and a net margin of 52.19%.Robinhood Markets’s quarterly revenue was up 100.0% compared to the same quarter last year. During the same period last year, the business earned $0.17 earnings per share. As a group, sell-side analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS 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.