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

Robinhood Markets, Inc. (NASDAQ:HOOD)’s stock price 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 firms have also recently weighed in on HOOD. Morgan Stanley upped their price target on Robinhood Markets from $64.00 to $90.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. JMP Securities increased their price objective 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 started coverage on shares of Robinhood Markets in a report on Thursday, March 6th. They set an “overweight” rating and a $69.00 target price for the company. KeyCorp upped their price target on shares of Robinhood Markets from $57.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Robinhood Markets from $38.00 to $60.00 and gave the company a “market perform” rating in a research report on Tuesday, February 18th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Robinhood Markets has a consensus rating of “Moderate Buy” and an average target price of $60.82.

Insider Transactions at Robinhood Markets

In other news, CEO Vladimir Tenev sold 750,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $39.16, for a total transaction of $29,370,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Baiju Bhatt sold 228,645 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $40.37, for a total transaction of $9,230,398.65. Following the transaction, the director now owns 5,042 shares in the company, valued at approximately $203,545.54. The trade was a 97.84 % 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 worth $143,072,448 over the last quarter. 19.95% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Robinhood Markets

Several hedge funds and other institutional investors have recently modified their holdings of the company. New Wave Wealth Advisors LLC purchased a new position in Robinhood Markets in the fourth quarter valued at approximately $26,000. CoreCap Advisors LLC increased its position in shares of Robinhood Markets by 191.6% in the fourth quarter. CoreCap Advisors LLC now owns 837 shares of the company’s stock worth $31,000 after acquiring an additional 550 shares in the last quarter. Creative Financial Designs Inc. ADV increased its position in shares of Robinhood Markets by 750.0% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company’s stock worth $32,000 after acquiring an additional 750 shares in the last quarter. Colonial Trust Co SC purchased a new position in shares of Robinhood Markets in the 4th quarter valued at $34,000. Finally, Silicon Valley Capital Partners acquired a new position in shares of Robinhood Markets during the 4th quarter valued at $37,000. 93.27% of the stock is owned by institutional investors and hedge funds.

Robinhood Markets Trading Down 4.7 %

The stock has a market capitalization of $37.12 billion, a PE ratio of 26.70, a PEG ratio of 1.05 and a beta of 2.14. The business’s 50-day moving average is $49.16 and its two-hundred day moving average is $38.06.

Robinhood Markets (NASDAQ:HOOD) last issued its earnings results 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, analysts predict that Robinhood Markets, Inc. will post 1.35 EPS for the current 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.