Robinhood Markets stock is showing upward momentum. Where is HOOD stock headed?
Robinhood reported earnings per share of 62 cents, beating the consensus estimate of 42 cents. In addition, it reported revenue of $1.30 billion, beating the consensus estimate of $1.28 billion.Transaction-based revenues were up 44% to $776 million, driven largely by event contracts revenue surging more than 10x to $156 million. Net deposits reached a record $22 billion, and Robinhood Gold subscribers climbed to a record 4.8 million.The company repurchased $414 million in shares during the quarter, representing 4.4 million shares at an average price of approximately $94.“The business is firing on all cylinders,” said Shiv Verma, Chief Financial Officer of Robinhood. “We delivered record revenues and drove new highs across equity, option, and event contract volumes, as we continue to win market share.”Analyst Consensus & Recent ActionsThe stock carries a Buy rating with an average price forecast of $118.06. Recent analyst moves include:
Needham: Buy (Lowers Target to $120.00) (July 30)
BTIG: Buy (Maintains Target to $125.00) (July 30)
Keybanc: Overweight (Raises Target to $125.00) (July 22)
