Robinhood Markets Inc (NASDAQ:HOOD) shares are trading lower Wednesday following bearish analyst coverage from Atlantic Equities.
Atlantic Equities analyst John Heagerty downgraded Robinhood from a Neutral rating to Underweight and announced a $5 price target, citing revenue concerns.
According to CNBC, Heagerty points out that Robinhood's monthly active users and average revenue per user have been trending lower. The Atlantic Equities analyst believes the trends are set to continue amid worsening economic conditions.
Robinhood aims to democratize finance for all through its modern financial services platform.
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HOOD Price Action: Robinhood has traded between $85 and $7.02 over a 52-week period.
The stock was down 2.63% at $7.04 at time of publication, according to data from Benzinga Pro.
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