Robinhood Stock Is Up 83% in 2024, but Interest Rate Cuts Might Spell Bad News [Yahoo! Finance]
Robinhood Markets, Inc. - Class A (HOOD)
Company Research
Source: Yahoo! Finance
Robinhood Markets (NASDAQ: HOOD) stock soared to a record high of $85 shortly after its initial public offering (IPO) in 2021. Wall Street was enthusiastic about the company's stock trading platform, which was attracting hordes of young, first-time investors -- a feat no other brokerage had achieved at such a large scale. That enthusiasm didn't last long, because Robinhood stock sank 91% to an all-time low of around $7 by mid-2022 when the S&P 500 slipped into a bear market, which deterred many of the company's clients from investing. But Robinhood's business then caught a tailwind when the Federal Reserve rapidly hiked interest rates. The company earned truckloads of interest revenue on its own cash, its customers' cash, and on margin loans. That helped drive a recovery in its stock price, which includes an 83% gain in 2024 so far. But the Fed slashed the federal funds rate (overnight interest rate) by half a percentage point last week, and with several more cuts likely to com
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HOOD
News
- Robinhood Markets, Inc. (NASDAQ: HOOD) had its price target raised by analysts at Citigroup Inc. from $19.00 to $23.00. They now have a "neutral" rating on the stock.MarketBeat
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HOOD
Earnings
- 8/7/24 - Beat
HOOD
Sec Filings
- 9/11/24 - Form 4
- 9/9/24 - Form 144
- 9/6/24 - Form 4
- HOOD's page on the SEC website