Time To Buy Robinhood Stock? Jim Cramer Weighs In As Shares Gain Nearly 4% On Wednesday
Portfolio Pulse from Benzinga Neuro
Robinhood Markets Inc. (NASDAQ:HOOD) shares rose nearly 4% after announcing a new credit card, the Robinhood Gold Card, offering 3% cash back with no annual or foreign transaction fees. Despite the surge, CNBC's Jim Cramer expressed concerns about the stock's rapid growth, attributing it to 'pure momentum' rather than fundamentals. Robinhood aims to centralize customer assets and financial transactions on its platform.
March 28, 2024 | 8:41 am
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Robinhood's stock surged nearly 4% following the announcement of its new Robinhood Gold Card, despite Jim Cramer's caution about its rapid growth.
The introduction of the Robinhood Gold Card and its features such as 3% cash back, no annual fees, and no foreign transaction fees, likely contributed to the stock's surge. However, Jim Cramer's caution about the stock's rapid growth and his view that it's driven by 'pure momentum' rather than fundamentals could temper investor enthusiasm in the short term.
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