Robinhood Markets (HOOD) saw its stock price plummet by 5.06% during Thursday's intraday trading session. The decline followed the release of the company's monthly performance snapshot, which revealed slower trading activity for November.
Bank of America Securities analyst Craig Siegenthaler maintained a Buy rating on the stock but lowered the price forecast from $166 to $154. The Menlo Park brokerage reported a drop in funded accounts to 26.9 million, down about 130,000 from October, though it attributed the decline to regulatory obligations related to dormant, low-balance accounts.
Despite continued deposit growth and higher margin balances, the slower trading activity and revised price target appear to have weighed on investor sentiment, leading to the sharp intraday drop.
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