Robinhood Shares Drop as Goldman Sachs Downgrades Rating to Sell

Robinhood Shares Drop as Goldman Sachs Downgrades Rating to Sell
The logo of Robinhood Markets Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York, on July 29, 2021. Andrew Kelly/Reuters
Benzinga
Updated:

Goldman Sachs Group Inc. analysts downgraded Robinhood Markets Inc. to Sell with a price target of $13, down from $15 (7.7 percent upside) less than a year after leading its initial public offering.

William Nance saw the softening retail engagement levels, particularly among the low-end consumer, continued weakness in account growth, and a narrow path to near-term profitability, likely limiting the stock’s outperformance over the next twelve months.