Cantor Fitzgerald analyst Ramsey El-Assal has maintained an Overweight rating on Robinhood Markets. The firm also reiterated its price target of $110 for the stock.

Rating and Price Target

The brokerage continues to view the stock favorably, keeping the Overweight designation unchanged. The price target remains steady at $110.

Retail investors sold off shares of six major technology stocks on June 5, even as the broader market experienced a significant decline, according to data from Robinhood Markets Inc. The Nasdaq dropped more than 1,100 points on Friday, marking its worst single-day drop in over a year, yet traders chose to exit positions in several high-profile companies rather than buy the dip. The sell-off highlights a shift in sentiment away from mega-cap software and cloud names that had rallied during the Nasdaq's recent winning streak.

The data, based on Robinhood's 25 most-traded stocks, shows a clear divergence in investor behavior. While retail traders aggressively bought into CoreWeave Inc., Tesla Inc., and Nvidia Corp., with buy/sell ratios of 1.52x, 1.49x, and 1.43x respectively, six stocks saw net selling. Apple Inc. led the decliners with a buy/sell ratio of 0.87x, followed by ServiceNow Inc. at 0.79x and Amazon.com Inc. at 0.69x. Microsoft Corp. and Alphabet Inc. also saw significant selling pressure, with ratios of 0.67x and 0.65x, respectively.

Credo Technology Group Holding Ltd. was the most net-sold name on the list, with a buy/sell ratio of 0.63x. Despite holding 30-day buy ratios above 1.0x, both ServiceNow and Credo saw sharp single-day reversals, indicating traders were locking in gains rather than adding exposure. The pattern suggests a rotation out of sectors that had run hard in recent weeks and into beaten-down hardware and AI infrastructure plays.

Buy/Sell Ratios for Top Traded Stocks

The market turmoil was triggered by a hotter-than-expected May jobs report, which spooked investors into anticipating further rate hikes. Chipmakers collectively lost roughly $1.3 trillion in market value, yet retail traders focused their buying on AI and hardware names they recognized. The sell-off in the "Magnificent Seven"—excluding Tesla, Nvidia, and Meta—underscores a cautious approach to stocks that had previously driven the market's gains.

Whether this rotation will persist remains uncertain. However, the data clearly shows that for at least one session, the biggest names in tech were not the ones retail traders wanted to own. The move suggests a strategic shift toward sectors perceived as undervalued amid the broader market decline.