The electronic trading platform reports quarterly results after tomorrow’s close
Robinhood Markets Inc (NASDAQ:HOOD) stock was last seen up 4.4% to trade at $17.15, as Wall Street rebounds from a steep selloff and Bitcoin (BTC) edges higher. The electronic trading platform will report second-quarter earnings after tomorrow’s closing bell, with analysts expecting strong results thanks to crypto trading and the resurgence of meme stocks.
HOOD sports a 33.2% year-to-date lead, and is bouncing off a pullback to its 200-day moving average, which acted as support in January and February. While the stock has cooled off from its July 17, roughly three-year high of $24.88, it is currently on track to snap a three-day losing streak.
The equity finished five of its past eight post-earnings sessions lower, including a 3.1% drop in May, though it also saw a 13% pop after its February report. Shares averaged a 7.3% swing regardless of direction over the last two years, but this time the options pits are pricing in a much larger move of 18.8%.
It’s worth noting short-term options traders are bearish toward Robinhood Markets stock, per its Schaeffer’s put/call open interest ratio (SOIR) that stands in the 92nd percentile of annual readings.