UnitedHealth Group Inc. shares tumbled on Friday, 1 Aug. 2025, sliding to roughly $236 in afternoon trading—their lowest level since 2020 and about 60 % below where they stood only a few months ago. The latest leg down followed Baird analyst Michael Ha’s decision to downgrade the stock to Underperform from Neutral. Ha cited mounting operational challenges and broad financial headwinds, trimming his 12-month price target to $198, which signals a further 19 % potential decline. Investor sentiment toward the health-insurance giant has been fragile since the U.S. Department of Justice opened an investigation into the company earlier this year. With shares now approaching their pandemic-era lows, traders say UnitedHealth is under growing pressure to reassure the market about its outlook and exposure to any legal or regulatory findings.