Robinhood Markets Stock Surges After The Close: Here's Why
Portfolio Pulse from Adam Eckert
Robinhood Markets Inc (NASDAQ:HOOD) shares surged in after-hours trading on Wednesday following the announcement of positive monthly metrics for February. The company reported an increase in total funded customers to 23.6 million, net deposits of $3.6 billion, and a 16% rise in assets under custody to $118.7 billion. Trading volumes across all asset classes also saw significant increases, with equity notional trading volumes up 36%, options contracts traded up 12%, and crypto notional trading volumes up 10%. Additionally, margin balances and total cash sweep balances rose by 6% and 8% respectively, while securities lending revenue increased by 8%.
March 13, 2024 | 9:18 pm
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Robinhood Markets Inc reported significant growth in February metrics, including customer growth, net deposits, and trading volumes, leading to an 8.97% surge in after-hours trading.
The positive monthly metrics reported by Robinhood, including growth in total funded customers, net deposits, assets under custody, and trading volumes, directly contribute to investor optimism. This is reflected in the after-hours stock price surge. The comprehensive growth across key financial and operational metrics suggests a strong performance and potential for future growth, positively impacting investor sentiment and the stock's short-term price direction.
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