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Benzinga
Benzinga
Business
Adam Eckert

Why Robinhood Markets Stock Is Falling Today

Robinhood Markets Inc (NASDAQ:HOOD) shares are trading lower Friday following a downgrade from Goldman Sachs. 

Goldman Sachs analyst Will Nance downgraded Robinhood from a Neutral rating to a Sell rating and announced a $13 price target.

Nance is seeing negative trends for Robinhood including weaker retail engagement levels, slowing account growth and a more difficult path to short-term profitability. As a result, Nance expects the stock to underperform over the next year.

The Goldman Sachs analyst also believes other analyst estimates are too high, which sets the stock up for an uphill climb.

Related Link: Robinhood Shares Drop As Goldman Sachs Downgrades Rating To Sell

HOOD 52-Week Range: $9.93 - $85

According to Benzinga Pro data, the stock was down 6.05% at $11.34 at time of publication.

Photo: courtesy of Robinhood.

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