Robinhood Stock Has 76% Upside, According to 1 Wall Street Analyst
Robinhood Markets (NASDAQ: HOOD) made Wall Street's best and brightest look painfully slow this week. Analysts predicted the popular online brokerage would earn only $0.05 per share in its first quarter of 2024, but Robinhood thumped that forecast, reporting an $0.18 per-share profit -- and record revenue of $618 million.
Investors yawned. Robinhood stock actually fell Thursday on Wednesday's news and kept on falling through the close of trading on Friday. But one analyst at least, JMP Securities' Devin Ryan, thinks this lack of enthusiasm could actually be a buying opportunity and predicts Robinhood stock will shoot up to $30 within a year, according to The Fly.
Suffice it to say Robinhood's results wowed Ryan entirely, with sales rising faster than expected, and costs slower. Revenue roared ahead 40% year over year, helped by a 42% increase in subscribers to Robinhood's "Gold" suite of investing tools. (Gold membership also gives subscribers a premium 5% interest rate on their uninvested cash -- an attractive perk that helps to explain the enthusiasm).
Source Fool.com
