Robinhood Markets (NASDAQ:HOOD) Stock Price Down 0.2% on Analyst Downgrade

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price fell 0.2% during trading on Monday after JMP Securities lowered their price target on the stock from $77.00 to $70.00. JMP Securities currently has a market outperform rating on the stock. Robinhood Markets traded as low as $29.66 and last traded at $34.43. 38,279,877 shares traded hands during mid-day trading, an increase of 69% from the average session volume of 22,709,010 shares. The stock had previously closed at $34.51.

Other research analysts also recently issued research reports about the stock. Barclays reduced their price target on shares of Robinhood Markets from $76.00 to $45.00 and set an “overweight” rating on the stock in a research report on Monday. KeyCorp upped their target price on shares of Robinhood Markets from $57.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Needham & Company LLC lowered their price target on shares of Robinhood Markets from $70.00 to $62.00 and set a “buy” rating for the company in a report on Friday, March 28th. Cantor Fitzgerald initiated coverage on Robinhood Markets in a report on Thursday, March 6th. They set an “overweight” rating and a $69.00 price objective on the stock. Finally, Morgan Stanley cut Robinhood Markets from an “overweight” rating to an “equal weight” rating and set a $40.00 target price for the company. in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $55.06.

Insider Activity at Robinhood Markets

In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 25,000 shares of Robinhood Markets stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $38.31, for a total transaction of $957,750.00. Following the transaction, the insider now directly owns 822,825 shares in the company, valued at approximately $31,522,425.75. The trade was a 2.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Vladimir Tenev sold 500,000 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $50.77, for a total value of $25,385,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,646,134 shares of company stock worth $132,604,246. 19.95% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Robinhood Markets

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

Robinhood Markets Price Performance

The company has a market capitalization of $30.26 billion, a price-to-earnings ratio of 21.76, a PEG ratio of 1.05 and a beta of 2.17. The firm has a 50-day moving average price of $47.26 and a two-hundred day moving average price of $39.07.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates 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, equities 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.