Robinhood Markets Inc (NASDAQ: HOOD) saw a significant uptick in its stock price in after-hours trading on March 13, 2024, following the release of its latest monthly metrics. The company reported impressive growth across the board, with total funded customers hitting 23.6 million, net deposits totaling $3.6 billion, and total assets under custody reaching $118.7 billion.
Trading volumes also saw a boost in all asset classes compared to the previous month, with equity notional trading volumes up 36%, options contracts traded up 12%, and crypto notional trading volumes up 10%.
Additionally, Robinhood revealed that margin balances stood at $3.8 billion, total cash sweep balances were at $18.1 billion, and total securities lending revenue for February amounted to $13 million. The company is expected to announce earnings of 3 cents per share and revenue of $506.652 million in early May.
Thanks to these positive metrics, Robinhood shares surged by 8.97% to $18.61 in after-hours trading on Wednesday. The company’s extended-hours trading and 24 Hour Market feature, which allows users to trade select stocks and ETFs even when other markets are closed, provide added flexibility for traders.
Overall, Robinhood’s strong performance in February across various financial indicators fueled the increase in its stock price, reflecting a positive growth trajectory for the company.
HOOD Stock Price Surges on March 13, 2024: Positive Momentum and Investor Sentiment Drive Bullish Trend
On March 13, 2024, HOOD stock experienced a significant increase in its price performance. According to data from CNN Money, HOOD is currently trading near the top of its 52-week range and above its 200-day simple moving average. This indicates that the stock has been exhibiting strong price momentum and may be considered bullish by technical analysts.
On that day, the price of HOOD shares closed at $17.16, representing a $0.77 increase from the previous market close. This translates to a 4.70% rise in the stock price for the day, which is a substantial gain for investors. Additionally, in after-hours trading, the stock continued to climb, with a further increase of $1.79, bringing the total rise to $2.56 since the market closed.
This rapid increase in HOOD’s stock price on March 13th may have been driven by a variety of factors, such as positive news or market sentiment surrounding the company. Investors who held HOOD shares during this time would have likely seen a significant increase in the value of their investments.
Overall, the performance of HOOD stock on March 13, 2024, demonstrates strong price momentum and positive investor sentiment towards the company.
HOOD Stock Performance Analysis: Revenue, Net Income, and EPS Growth in 2024
On March 13, 2024, investors were closely monitoring the stock performance of HOOD, the popular trading platform company. According to data from CNN Money, HOOD reported a total revenue of $1.89 billion for the past year, with a quarterly revenue of $481.00 million. This represents a 36.61% increase in total revenue since the previous year.
In terms of net income, HOOD reported a net loss of $541.00 million for the past year, but managed to turn a profit in the fourth quarter with a net income of $30.00 million. This marks a significant improvement in net income, with a 47.37% increase since the previous year.
Earnings per share (EPS) for HOOD also showed positive growth, with an EPS of -$0.61 for the past year and $0.03 for the fourth quarter. This represents a 48.09% increase in EPS since the previous year.
Overall, the financial performance of HOOD on March 13, 2024, showcased positive growth in total revenue, net income, and earnings per share compared to the previous year. Despite revenue and net income remaining flat compared to the previous quarter, investors may view the positive growth in these key metrics as a promising sign for the company’s future prospects. However, it is important for investors to conduct thorough research and analysis before making any investment decisions based on this data.
