Robinhood Markets (HOOD) Surges 12.8%: Is This an Indication of Further Gains?
Robinhood Markets, Inc. (HOOD) shares ended the last trading session 12.8% higher at $93.63. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 25.5% gain over the past four weeks.
Robinhood stock skyrocketed to a new all-time high of $94.24 yesterday on the news of its further expansion into the cryptocurrency space. The company announced the introduction of U.S. stock and exchange-traded fund (ETF) tokens for European Union (EU) investors with no commissions and 24/5 accessibility. Also, the company launched crypto staking for eligible U.S. investors starting with Ethereum and Solana. These developments cheered the investors, driving the HOOD stock higher.
Invest in Gold
American Hartford Gold: #1 Precious Metals Dealer in the Nation
Learn More
Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase
Learn More
Thor Metals Group: Best Overall Gold IRA
Learn More Powered by Money.com - Yahoo may earn commission from the links above.This company is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of +42.9%. Revenues are expected to be $887.04 million, up 30.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Robinhood Markets, the consensus EPS estimate for the quarter has been revised 0.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on HOOD going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Robinhood Markets is part of the Zacks Financial - Investment Bank industry. Piper Sandler Companies (PIPR), another stock in the same industry, closed the last trading session 1.4% lower at $277.94. PIPR has returned 12.1% in the past month.
Piper Sandler Companies' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.99. Compared to the company's year-ago EPS, this represents a change of -21%. Piper Sandler Companies currently boasts a Zacks Rank of #4 (Sell).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Robinhood Markets, Inc. (HOOD) : Free Stock Analysis Report
Piper Sandler Companies (PIPR) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
If Robinhood Markets’ (HOOD) 12.8% surge is a repeat performance that follows firm fundamentals and strategic partnerships, this could indeed be an indication of substantial further gains in the near future.
The 12.8% surge in Robinhood Markets (HOOD) today signals renewed investor interest and possible momentum for further gains, despite the steep market volatilities.
The recent 12.8% surge in Robinhood Markets (HOOD) stock suggests a potential for further gains, backed by investors' optimism amidst expanding market opportunities and continued adoption of its innovative trading platform.
The 12.8% surge in Robinhood Markets (HOOD) stock seems to be a promising start, fueling speculations about potential further gains due primarily by the company's increasing user base and innovation within its platform.
The recent 12.8% surge in HOOD stock could well be an initial bullish signal, but caution is advisable as the market's next moves depend largely on macroeconomic factors and broader tech sector performance rather than a single event or indicator alone."
The sudden 12.8% surge in Robinhood Markets (HOOD) is indicative of the markets' renewed interest and anticipation for its innovative trading platforms, potentially signaling further gains ahead if trends remain favorable towards digital asset investment strategies."
The 12.8% surge in Robinhood Markets (HOOD) today is a promising sign of investor confidence and potential for further gains, suggesting an appetite not just to recover but also scintillate amid the tide-turning market sentiment.
The recent 12.8% surge in Robinhood Markets (HOOD) stocks raises the question of whether this could be a catalyst for further upward momentum, especially given its growing popularity among retail investors.
Heading into a new trading week, the 12.8% surge in Robinhood Markets (HOOD) stock appears to be an early signal of investor optimism and potential for further gains on strategies outlined by CEO Vlad Tenev's exciting prospects during his recent Q3 earnings call."
The recent 12.8% surge in Robinhood Markets (HOOD)'s stock price suggests a renewed investor confidence, though it remains to be seen if this upward momentum can sustain and lead the company towards even greater gains ahead.
The recent 12.8% surge in Robinhood Markets (HOOD) stock certainly inspires optimism, raising the question whether this upward momentum is an indicator of further gains to come or a transient spike.
