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Strength Seen in Robinhood Markets, Inc. (HOOD): Can Its 14% Jump Turn into More Strength?
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Robinhood Markets, Inc. (HOOD - Free Report) shares soared 14% in the last trading session to close at $9.12. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 22.9% loss over the past four weeks.
Shares of Robinhood Markets rallied for the third consecutive day. The news that crypto exchange FTX is exploring the buyout of HOOD sent the stock soaring. This was first reported by Bloomberg citing persons familiar with the matter. The reported noted that the company hasn’t been approached for the potential acquisition and FTX may decide not to move ahead with the plan.
Later on, FTX CEO and founder, Sam Bankman-Fried in an e-mail statement commented, “We are excited about Robinhood's business prospects and potential ways we could partner with them, and I have always been impressed by the business that Vlad and his team have built. That being said there are no active M&A conversations with Robinhood.”
This company is expected to post quarterly loss of $0.30 per share in its upcoming report, which represents a year-over-year change of -372.7%. Revenues are expected to be $392.03 million, down 30.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Robinhood Markets, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on HOOD going forward to see if this recent jump can turn into more strength down the road.
Robinhood Markets, Inc. is a member of the Zacks Financial - Investment Bank industry. One other stock in the same industry, Cowen Group , finished the last trading session 1.6% lower at $24.84. COWN has returned -4.5% over the past month.
Cowen's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.03. Compared to the company's year-ago EPS, this represents a change of -31.3%. Cowen currently boasts a Zacks Rank of #2 (Buy).
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Strength Seen in Robinhood Markets, Inc. (HOOD): Can Its 14% Jump Turn into More Strength?
Robinhood Markets, Inc. (HOOD - Free Report) shares soared 14% in the last trading session to close at $9.12. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 22.9% loss over the past four weeks.
Shares of Robinhood Markets rallied for the third consecutive day. The news that crypto exchange FTX is exploring the buyout of HOOD sent the stock soaring. This was first reported by Bloomberg citing persons familiar with the matter. The reported noted that the company hasn’t been approached for the potential acquisition and FTX may decide not to move ahead with the plan.
Later on, FTX CEO and founder, Sam Bankman-Fried in an e-mail statement commented, “We are excited about Robinhood's business prospects and potential ways we could partner with them, and I have always been impressed by the business that Vlad and his team have built. That being said there are no active M&A conversations with Robinhood.”
This company is expected to post quarterly loss of $0.30 per share in its upcoming report, which represents a year-over-year change of -372.7%. Revenues are expected to be $392.03 million, down 30.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Robinhood Markets, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on HOOD going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Robinhood Markets, Inc. is a member of the Zacks Financial - Investment Bank industry. One other stock in the same industry, Cowen Group , finished the last trading session 1.6% lower at $24.84. COWN has returned -4.5% over the past month.
Cowen's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.03. Compared to the company's year-ago EPS, this represents a change of -31.3%. Cowen currently boasts a Zacks Rank of #2 (Buy).