Jim Cramer Attributes Robinhood's Sudden Stock Surge To 'Momentum' Not Business Fundamentals: 'That's Not What I Like'
Portfolio Pulse from Benzinga Neuro
Jim Cramer expressed concerns over Robinhood Markets Inc. (NASDAQ:HOOD) stock's recent 6% rise, attributing it to 'momentum' rather than business fundamentals. Despite a 41% increase in trading activity and significant growth in assets and deposits, Cramer remains skeptical about the sustainability of this growth. Meanwhile, Ark Invest sold a portion of its Robinhood holdings, suggesting a strategic move in response to the stock's performance.
March 15, 2024 | 12:29 pm
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Robinhood's stock surge attributed to momentum by Jim Cramer, despite a 41% increase in trading activity and significant growth in assets and deposits.
Jim Cramer's skepticism about the sustainability of Robinhood's stock surge, despite positive trading activity and asset growth, could lead to negative sentiment among investors, potentially impacting the stock's short-term performance negatively.
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