Shares of Robinhood Markets Inc (NASDAQ:HOOD) are trading lower Thursday afternoon, taking a breather amid a 17% rally over the past month that saw the stock hit all-time highs. Here’s what investors need to know.
What To Know: The financial technology firm has experienced a remarkable surge of over 400% in the past year, driven by strong user growth and expansion into new product areas.
Wall Street sentiment remains overwhelmingly positive. In recent weeks, Bank of America raised its price target to a Street-high of $157, while Piper Sandler reiterated an Overweight rating, increasing its target to $155.
Analysts are pointing to the explosive growth of Robinhood’s new prediction markets, with CEO Vlad Tenev noting that these event-based contracts have surpassed four billion trades since inception.
The company is reportedly exploring strategic acquisitions to further bolster its prediction markets division. Investors are also now focused on the company’s upcoming third-quarter financial results, scheduled for release on Wednesday, Nov. 5, after the market closes.
Analysts expect Robinhood to report third-quarter earnings of 51 cents per share and revenue of $1.18 billion, according to estimates from Benzinga Pro.
Benzinga Edge Rankings: The stock’s powerful run is reflected in Benzinga Edge Rankings, which award Robinhood an exceptional Momentum score of 98.12 and a Growth score of 94.13.
HOOD Price Action: Robinhood shares were down 0.76% at $133.93 at the time of publication on Wednesday. Currently, the stock is trading 12.1% above its 50-day moving average of $120, which serves as a significant support level. Should the stock pull back, this moving average could provide a cushion against further declines.
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How To Buy HOOD Stock
By now you’re likely curious about how to participate in the market for Robinhood Markets – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you’re looking to bet against a company, the process is more complex. You’ll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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