HOOD earlier jumped to nearly two-year highs
Robinhood Markets Inc (NASDAQ:HOOD) stock earlier surged to nearly two-year highs, up 13% to trade at $13.38 at last check, after the trading platform’s surprise fourth-quarter profit beat, better-than-expected revenue, and strong 2024 forecast.
No fewer than three analysts chimed in with price-target hikes in response. There’s plenty of room for upgrades, should analysts continue in their optimism. Of the 14 brokerages in coverage, 11 carry a “hold” or worse rating.
Options bulls are blasting HOOD. So far, 455,000 calls have been exchanged in comparison to 87,000 puts, with overall volume at six times the usual daily volume already. The February 13 call is the most popular by far, with new positions being opened at the May 14 call.
Today’s pop has HOOD breaking into positive territory this year, and on track for its largest percentage gain since June 2022. The stock’s 2024 lows found support at its 180-day moving average. Shares are now on track for a sixth day of gains in the last seven, and sport a nine-month gain roughly 69%.
