Robinhood's Expected Move To Profitability In 2024 'A Positive Sign' Ahead Of Q1 Earnings, Analyst Says
Portfolio Pulse from Surbhi Jain
Robinhood Markets Inc (NASDAQ:HOOD) is expected to report its Q1 earnings with Wall Street anticipating 5 cents in EPS and $548.607 million in revenues. Despite a 100% increase in stock price over the past year and a positive outlook towards profitability in 2024, JPMorgan analyst Kenneth B. Worthington maintains an Underweight rating on HOOD, with concerns over the sustainability of growth and profitability. Technical analysis suggests bullish near-term momentum for HOOD stock, but overall analyst consensus leans towards an Underweight rating with a potential downside of -17.51%.
May 07, 2024 | 1:42 pm
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Robinhood's anticipated Q1 earnings report and expected profitability in 2024 are positive, but concerns from JPMorgan about long-term growth and profitability could impact investor sentiment.
While Robinhood's stock has shown significant growth and there are positive signs towards profitability, the skepticism from a major analyst about the sustainability of its business model and profitability could temper investor enthusiasm in the short term. The technical bullish signals suggest a potential uplift around the earnings report, but the overall bearish sentiment from analysts could limit long-term gains.
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IMPORTANCE 90
RELEVANCE 100