Robinhood Markets (NASDAQ:HOOD) Shares Down 11.1% Following Analyst Downgrade

Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) fell 11.1% during mid-day trading 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. 31,848,171 shares changed hands during trading, an increase of 44% from the average session volume of 22,164,749 shares. The stock had previously closed at $42.68.

Several other research analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft reduced their target price on Robinhood Markets from $75.00 to $61.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. Raymond James assumed coverage on Robinhood Markets in a report on Wednesday, February 5th. They set a “market perform” rating on the stock. Morgan Stanley lifted their price target on Robinhood Markets from $64.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Cantor Fitzgerald began coverage on shares of Robinhood Markets in a report on Thursday, March 6th. They set an “overweight” rating and a $69.00 price objective on the stock. Finally, The Goldman Sachs Group raised shares of Robinhood Markets from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $40.00 to $46.00 in a research note on Friday, December 6th. 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, Robinhood Markets presently has an average rating of “Moderate Buy” and a consensus target price of $60.24.

Insider Activity at Robinhood Markets

In other news, insider Daniel Martin Gallagher, Jr. sold 50,000 shares of Robinhood Markets stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $60.77, for a total transaction of $3,038,500.00. Following the transaction, the insider now directly owns 706,642 shares of the company’s stock, valued at $42,942,634.34. This trade represents a 6.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Baiju Bhatt sold 522,180 shares of the firm’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $62.70, for a total value of $32,740,686.00. Following the sale, the director now directly owns 5,042 shares in the company, valued at $316,133.40. The trade was a 99.04 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,205,655 shares of company stock worth $113,702,448. 19.95% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC lifted its holdings in shares of Robinhood Markets by 184.8% during the 4th quarter. FMR LLC now owns 40,237,478 shares of the company’s stock valued at $1,499,248,000 after purchasing an additional 26,107,934 shares in the last quarter. Newlands Management Operations LLC lifted its stake in Robinhood Markets by 1.1% in the fourth quarter. Newlands Management Operations LLC now owns 24,158,860 shares of the company’s stock valued at $900,159,000 after buying an additional 273,860 shares in the last quarter. State Street Corp boosted its holdings in shares of Robinhood Markets by 8.7% in the third quarter. State Street Corp now owns 13,558,321 shares of the company’s stock valued at $317,536,000 after buying an additional 1,085,679 shares during the period. Geode Capital Management LLC raised its holdings in shares of Robinhood Markets by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 12,175,972 shares of the company’s stock worth $455,464,000 after acquiring an additional 555,299 shares during the period. Finally, Renaissance Technologies LLC lifted its position in Robinhood Markets by 34.4% in the 4th quarter. Renaissance Technologies LLC now owns 12,078,116 shares of the company’s stock valued at $450,031,000 after acquiring an additional 3,091,514 shares in the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

Robinhood Markets Trading Down 11.2 %

The stock’s 50 day moving average is $48.73 and its two-hundred day moving average is $38.63. The stock has a market capitalization of $33.56 billion, a price-to-earnings ratio of 24.14, a price-to-earnings-growth ratio of 1.05 and a beta of 2.14.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. On average, research analysts anticipate 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.