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

Robinhood Markets, Inc. (NASDAQ:HOOD) shares gapped down before the market opened on Thursday after Citigroup lowered their price target on the stock from $60.00 to $50.00. The stock had previously closed at $42.68, but opened at $37.97. Citigroup currently has a neutral rating on the stock. Robinhood Markets shares last traded at $38.42, with a volume of 18,480,877 shares.

A number of other analysts also recently weighed in on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $60.00 price target on shares of Robinhood Markets in a report on Thursday, March 27th. KeyCorp raised 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. The Goldman Sachs Group upgraded Robinhood Markets from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $40.00 to $46.00 in a report on Friday, December 6th. Needham & Company LLC cut their price target on Robinhood Markets from $70.00 to $62.00 and set a “buy” rating on the stock in a report on Friday, March 28th. Finally, Barclays raised their price objective on shares of Robinhood Markets from $54.00 to $76.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $60.24.

Insider Activity

In related news, CEO Vladimir Tenev sold 500,000 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $50.77, for a total value of $25,385,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Steven M. Quirk sold 123,272 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $55.80, for a total value of $6,878,577.60. Following the sale, the insider now directly owns 298,826 shares of the company’s stock, valued at $16,674,490.80. This represents a 29.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,205,655 shares of company stock worth $113,702,448 over the last three months. 19.95% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Robinhood Markets

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC grew its stake 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 acquiring an additional 26,107,934 shares in the last quarter. Newlands Management Operations LLC boosted its holdings in Robinhood Markets by 1.1% during the fourth quarter. Newlands Management Operations LLC now owns 24,158,860 shares of the company’s stock worth $900,159,000 after purchasing an additional 273,860 shares during the last quarter. State Street Corp boosted its holdings in Robinhood Markets by 8.7% during the third quarter. State Street Corp now owns 13,558,321 shares of the company’s stock worth $317,536,000 after purchasing an additional 1,085,679 shares during the last quarter. Geode Capital Management LLC grew its position in Robinhood Markets by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 12,175,972 shares of the company’s stock worth $455,464,000 after purchasing an additional 555,299 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake 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 buying an additional 3,091,514 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Robinhood Markets Trading Down 10.4 %

The company’s 50-day simple moving average is $48.73 and its 200 day simple moving average is $38.63. The stock has a market cap of $33.85 billion, a P/E ratio of 24.15, a PEG 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%. Research 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.