Cantor Fitzgerald Issues Pessimistic Forecast for Robinhood Markets (NASDAQ:HOOD) Stock Price

Robinhood Markets (NASDAQ:HOOD) had its price target decreased by equities research analysts at Cantor Fitzgerald from $150.00 to $120.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald‘s price objective would indicate a potential upside of 41.19% from the company’s previous close.

A number of other research firms also recently commented on HOOD. Evercore initiated coverage on Robinhood Markets in a research report on Monday, October 12th. They issued an “outperform” rating and a $130.00 target price on the stock. BTIG Research reiterated a “buy” rating and issued a $135.00 target price on shares of Robinhood Markets in a report on Wednesday, October 28th. JPMorgan Chase & Co. lowered their price target on Robinhood Markets from $115.00 to $114.00 and set a “neutral” rating for the company in a research report on Wednesday, October 28th. Citizens Jmp reiterated a “market outperform” rating and set a $165.00 target price on shares of Robinhood Markets in a report on Wednesday, October 28th. Finally, Truist Financial dropped their target price on shares of Robinhood Markets from $125.00 to $123.00 and set a “buy” rating for the company in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $126.45.

Robinhood Markets Price Performance

HOOD stock opened at $84.99 on Friday. The company has a 50 day moving average price of $108.49 and a two-hundred day moving average price of $93.04. Robinhood Markets has a one year low of $63.51 and a one year high of $150.47. The stock has a market capitalization of $76.41 billion, a P/E ratio of 39.17, a PEG ratio of 1.78 and a beta of 2.57. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.24.

Robinhood Markets (NASDAQ:HOOD) last posted its quarterly earnings results on Tuesday, October 27th. The company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.56 by $0.04. Robinhood Markets had a return on equity of 21.49% and a net margin of 39.04%. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the previous year, the business earned $0.61 EPS. The firm’s revenue was up 11.5% on a year-over-year basis. As a group, sell-side analysts expect that Robinhood Markets will post 2.18 EPS for the current year.

Insiders Place Their Bets

In related news, insider Steven Quirk sold 24,416 shares of the firm’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $120.33, for a total transaction of $2,937,977.28. Following the completion of the sale, the insider directly owned 77,839 shares of the company’s stock, valued at approximately $9,366,366.87. This trade represents a 23.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Baiju Bhatt sold 50,912 shares of the stock in a transaction dated Wednesday, October 21st. The shares were sold at an average price of $101.40, for a total value of $5,162,476.80. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 1,081,347 shares of company stock valued at $127,543,680. Corporate insiders own 13.48% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Sumitomo Mitsui Trust Group Inc. boosted its stake in Robinhood Markets by 10.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 6,812,999 shares of the company’s stock worth $472,141,000 after purchasing an additional 632,403 shares during the period. Amundi increased its position in Robinhood Markets by 89.0% during the first quarter. Amundi now owns 6,385,232 shares of the company’s stock worth $442,497,000 after buying an additional 3,007,103 shares during the last quarter. Amova Asset Management Americas Inc. boosted its position in Robinhood Markets by 15.0% during the first quarter. Amova Asset Management Americas Inc. now owns 5,240,796 shares of the company’s stock worth $362,925,000 after purchasing an additional 685,041 shares during the period. Renaissance Technologies LLC grew its stake in Robinhood Markets by 48.6% in the 1st quarter. Renaissance Technologies LLC now owns 5,104,137 shares of the company’s stock valued at $353,717,000 after buying an additional 1,668,400 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Robinhood Markets in the second quarter worth about $379,695,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

About Robinhood Markets

Robinhood Markets, Inc is a financial services company that operates a digital brokerage platform. Founded in 2013 by Vlad Tenev and Baiju Bhatt, the company became known for offering commission-free trading and a mobile-first investing experience designed to broaden access to financial markets.

Through its platform, Robinhood provides brokerage services for stocks, exchange-traded funds, options and other investments. Its offerings also include cryptocurrency trading, individual retirement accounts, margin investing, cash management services and Robinhood Gold, a subscription-based product that provides additional features and benefits.