Why Robinhood Markets Stock Is Rallying Thursday
Portfolio Pulse from Adam Eckert
Robinhood Markets Inc (NASDAQ:HOOD) shares surged after reporting Q1 financial results surpassing expectations with $618 million in revenue and 18 cents EPS. The company saw significant growth in transaction-based revenue, primarily from cryptocurrency, and increases in funded customers, assets under custody, net deposits, monthly active users, and average revenue per user. Robinhood anticipates adjusted operating expenses and stock-based compensation between $1.85 billion and $1.95 billion for 2024. Analysts from Piper Sandler and Needham maintained Neutral and Hold ratings, respectively, with a price target adjustment to $18.
May 09, 2024 | 1:15 pm
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Robinhood's Q1 earnings exceeded expectations with significant growth in key areas, leading to a stock price increase. The company's focus on product development and future financial guidance indicates a positive outlook.
Robinhood's better-than-expected Q1 earnings report, showcasing revenue and EPS growth, along with significant increases in transaction-based revenue, particularly from cryptocurrency, and user metrics, directly contributed to the stock's positive performance. The optimistic future guidance and product development plans further support a bullish outlook for the stock in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100