Robinhood Markets (HOOD) Stock Hit A New All-Time High Monday: What's Going On?

Benzinga

Robinhood shares hit a record high after reporting strong growth and new features for advanced traders. CEO Vlad Tenev highlighted booming prediction-market activity and rising platform assets. Analysts at Piper Sandler and Goldman Sachs boosted their outlook as the stock soared nearly 250% this year.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Robinhood market shares surged to a new all-time high on Monday,

00:05lifted by strong operational results and growth initiatives.

00:08CEO of LandTenem said in an ex-post that more than 4 billion event contracts

00:12have been traded on the platform, with 2 billion of those coming in the third quarter alone.

00:16August's results showed platform assets rose 112% year-over-year to $304 billion,

00:22while net deposits totaled $4.8 billion.

00:25Robinhood's prediction market business is now pacing at $200 million in annualized revenue.

00:29The company is adding features for sophisticated investors, including short-selling and social trading.

00:34Analysts at Piper Sandler and Goldman Sachs reiterated bullish ratings with higher price targets.

00:38Shares rose 11.56% to $135.86, up 34% over the past month, and 249% year-to-date, far outpacing the S&P 500.

00:48For all things money, visit Benzinga.com.

Category

Transcript

Be the first to comment

Recommended