Citi downgraded HOOD to "sell"
Shares of digital brokerage Robinhood Markets Inc (NASDAQ:HOOD) are 1.5% lower at $18.07 this morning, after Citi downgraded the stock to "sell" from "neutral." The analyst said HOOD's valuation is disconnected from a fundamental standpoints, though it hiked its price target by $3 to $16 after highlighted "healthy" trading activity and improving fundamentals.
On the charts, Robinhood stock touched its highest level since December 2021, after rising to $20.55 on March 27. The security fell in five of the last nine sessions, already at a 9.5% loss for April. However, since the start of 2024, HOOD is up 43%.
Now might be the time to weigh in on the stock's next move with options. According to the equity's Schaeffer's Volatility Scorecard (SVS) of 91 out of 100, it tends to outperform volatility expectations -- a boon for premium traders.