Robinhood Markets (NASDAQ:HOOD) Shares Gap Down After Analyst Downgrade

Robinhood Markets, Inc. (NASDAQ:HOOD) gapped down before the market opened on Friday after Needham & Company LLC lowered their price target on the stock from $70.00 to $62.00. The stock had previously closed at $43.99, but opened at $42.69. Needham & Company LLC currently has a buy rating on the stock. Robinhood Markets shares last traded at $40.88, with a volume of 10,994,238 shares traded.

A number of other research analysts have also weighed in on HOOD. JMP Securities lifted their price target on shares of Robinhood Markets from $60.00 to $77.00 and gave the company a “market outperform” rating in a research note on Thursday, February 13th. 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 price objective for the company. Piper Sandler boosted their price target on Robinhood Markets from $54.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. The Goldman Sachs Group upgraded shares of Robinhood Markets from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $40.00 to $46.00 in a research note on Friday, December 6th. Finally, KeyCorp boosted their target price on Robinhood Markets from $57.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $60.82.

Insider Activity

In other Robinhood Markets news, CEO Vladimir Tenev sold 750,000 shares of Robinhood Markets stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $39.16, for a total transaction of $29,370,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Baiju Bhatt sold 47,023 shares of Robinhood Markets stock in a transaction on Monday, March 24th. The stock was sold at an average price of $46.37, for a total transaction of $2,180,456.51. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,955,655 shares of company stock valued at $143,072,448 in the last 90 days. Insiders own 19.95% of the company’s stock.

Institutional Investors Weigh In On Robinhood Markets

Several institutional investors have recently bought and sold shares of the stock. FMR LLC boosted its position in shares of Robinhood Markets by 184.8% in the 4th quarter. FMR LLC now owns 40,237,478 shares of the company’s stock worth $1,499,248,000 after purchasing an additional 26,107,934 shares in the last quarter. Norges Bank purchased a new position in Robinhood Markets during the fourth quarter valued at $329,598,000. GQG Partners LLC bought a new stake in Robinhood Markets in the fourth quarter worth $302,325,000. Artisan Partners Limited Partnership purchased a new stake in shares of Robinhood Markets in the fourth quarter worth $152,949,000. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Robinhood Markets by 335.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,185,225 shares of the company’s stock worth $193,202,000 after acquiring an additional 3,994,745 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Robinhood Markets Stock Down 7.4 %

The firm has a fifty day moving average price of $49.29 and a two-hundred day moving average price of $37.91. The stock has a market capitalization of $36.06 billion, a P/E ratio of 26.01, a P/E/G ratio of 1.05 and a beta of 2.14.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.13. Robinhood Markets had a net margin of 47.81% and a return on equity of 13.53%. Sell-side analysts anticipate that Robinhood Markets, Inc. will post 1.35 earnings per share 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.