Shares of popular online trading platform Robinhood (HOOD Quick QuoteHOOD - Free Report) were down over 7% in morning trading before falling 6.8% at the close. Goldman Sachs analyst Will Nance downgraded Robinhood shares to Sell from Neutral and cut his price target to $13 from $15 per share.

Nance told clients in a research note that factors like continued weakness in account growth, softening retail engagement levels, and a “limited path to near-term profitability” are all likely to prevent HOOD from outperforming over the next 12 months. He also argued that Robinhood’s user growth has “remained depressed” based on app download data within the latest quarter, and Street estimates are still too elevated, meaning Robinhood has a “high bar” to hit profitability in 2023.

HOOD is a Zacks Rank #3 (Hold) with a market cap of around $9.7 billion. Shares have plunged over 73% over the past six months.