Robinhood (HOOD.US) experienced a surge in trading volumes this week, driven by increased activity in GameStop and other meme stocks, boosting its shares by over 11% in early trading. Analysts at Bank of America have upgraded Robinhood to "Buy," anticipating a sustained rebound in retail engagement in 2024 and 2025. This positive sentiment is reflected in the firm's recent earnings report, which surpassed estimates largely due to robust cryptocurrency trading volumes. Bank of America highlighted accelerating organic growth and an attractive valuation in light of strong quarterly earnings.
Robinhood (D1 interval)
Robinhood shares is gaining around 11% today, approaching a key resistance level around $20 per share. The stock had been in a narrow consolidation channel since early 2022, from which notation the bulls managed to break out. The USD 20 per share level represents a local peak established at the end of March 2024.
Source: xStation 5
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