Robinhood Markets (NASDAQ:HOOD) Price Target Cut to $10.00

Robinhood Markets (NASDAQ:HOODGet Rating) had its target price reduced by analysts at Piper Sandler from $11.00 to $10.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price target indicates a potential downside of 8.09% from the stock’s current price.

A number of other equities research analysts also recently commented on HOOD. Deutsche Bank Aktiengesellschaft lifted their price objective on Robinhood Markets from $8.00 to $9.00 in a research report on Thursday. Atlantic Securities lowered Robinhood Markets from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $15.00 to $5.00 in a research report on Wednesday, June 15th. JPMorgan Chase & Co. lowered their price objective on Robinhood Markets from $11.00 to $7.00 in a report on Tuesday, June 14th. KeyCorp lowered their price objective on Robinhood Markets from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Monday. Finally, The Goldman Sachs Group raised Robinhood Markets from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $11.50 to $9.50 in a report on Monday, June 27th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $16.19.

Robinhood Markets Stock Performance

Robinhood Markets stock opened at $10.88 on Wednesday. The stock has a fifty day moving average of $8.61 and a two-hundred day moving average of $10.78. The company has a market capitalization of $9.49 billion and a price-to-earnings ratio of -1.19. Robinhood Markets has a fifty-two week low of $6.81 and a fifty-two week high of $66.50.

Insiders Place Their Bets

In other Robinhood Markets news, insider Baiju Bhatt sold 118,134 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $9.10, for a total value of $1,075,019.40. Following the completion of the sale, the insider now directly owns 370,766 shares in the company, valued at $3,373,970.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Baiju Bhatt sold 118,134 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $9.10, for a total transaction of $1,075,019.40. Following the completion of the sale, the insider now owns 370,766 shares in the company, valued at approximately $3,373,970.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel Martin Gallagher, Jr. sold 27,181 shares of the stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $9.93, for a total value of $269,907.33. Following the sale, the insider now owns 257,316 shares of the company’s stock, valued at approximately $2,555,147.88. The disclosure for this sale can be found here. Insiders sold 332,249 shares of company stock worth $3,038,560 over the last ninety days.

Institutional Investors Weigh In On Robinhood Markets

A number of institutional investors and hedge funds have recently modified their holdings of HOOD. Vanguard Group Inc. lifted its holdings in shares of Robinhood Markets by 7,430.5% in the first quarter. Vanguard Group Inc. now owns 40,217,187 shares of the company’s stock valued at $543,334,000 after purchasing an additional 39,683,128 shares in the last quarter. ARK Investment Management LLC lifted its holdings in shares of Robinhood Markets by 10.6% in the second quarter. ARK Investment Management LLC now owns 33,556,789 shares of the company’s stock valued at $337,581,000 after purchasing an additional 3,203,476 shares in the last quarter. Ribbit Capital GP II Ltd. purchased a new stake in shares of Robinhood Markets in the fourth quarter valued at $470,317,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Robinhood Markets in the second quarter valued at $192,352,000. Finally, Nikko Asset Management Americas Inc. lifted its holdings in shares of Robinhood Markets by 2.1% in the second quarter. Nikko Asset Management Americas Inc. now owns 23,397,624 shares of the company’s stock valued at $190,691,000 after purchasing an additional 472,218 shares in the last quarter. Institutional investors and hedge funds own 64.46% of the company’s stock.

About Robinhood Markets

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Robinhood Markets, Inc operates financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds (ETFs), options, gold, and cryptocurrencies. The company also offers various learning and education solutions comprise Snacks, a digest of business news stories; Learn, which is a collection of approximately articles, including guides, feature tutorials, and financial dictionary; Newsfeeds that offer access to free premium news from various sites, such as Barron's, Reuters, and The Wall Street Journal; lists and alerts, which allow users to create custom watchlists and alerts to monitor securities, ETFs, and cryptocurrencies, as well as cash management services; and offers First trade recommendations to all new customers who have yet to place a trade.

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Analyst Recommendations for Robinhood Markets (NASDAQ:HOOD)

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