TLDR
- HOOD opened at $106.99 on Thursday, up 3.4%, with a market cap of $96.19 billion
- Q2 EPS came in at $0.62, beating the $0.44 estimate; revenue rose 32.5% year over year to $1.31 billion
- ParaFi Capital more than doubled its HOOD position by 126.2% in Q2, making it their 4th largest holding
- Morgan Stanley upgraded HOOD to Overweight with a $150 price target; Scotiabank initiated with a $136 target
- Robinhood Chain’s tokenized value surpassed $88 million shortly after mainnet launch, with $390 million in trading volume
Robinhood Markets (HOOD) opened at $106.99 on Thursday, up 3.4% on the day. The stock has a 12-month range of $63.51 to $153.86 and a market cap of $96.19 billion.
The stock’s 50-day moving average sits at $101.64, and the 200-day moving average is $87.67. Its beta of 2.34 means it moves sharply in both directions relative to the broader market.
In its most recent quarter, reported July 29, Robinhood posted EPS of $0.62, well above the $0.44 consensus. Revenue came in at $1.31 billion, up 32.5% year over year and ahead of the $1.29 billion estimate.
Net margin for the quarter was 42.01%, with a return on equity of 22.43%. Analysts now expect full-year EPS of $2.07.
Institutional interest has been building. ParaFi Capital LP raised its position by 126.2% in Q2, now holding 250,000 shares worth around $25.1 million. HOOD makes up 7.3% of ParaFi’s portfolio and is its fourth-largest holding.
Institutional investors as a whole own 93.27% of HOOD stock. Artisan Partners also added HOOD as a new position in Q2, citing deposit growth and what it sees as a long runway in retail wealth management.
Analyst Upgrades Stack Up
Morgan Stanley upgraded HOOD from Equal Weight to Overweight this week, raising its price target from $124 to $150. Analyst Michael Cyprys pointed to a long growth runway and the potential to generate more revenue from existing customers through prediction markets and expanded products.
Scotiabank also initiated coverage with a Sector Outperform rating and a $136 price target. Sanford C. Bernstein raised its target from $130 to $160 with an Outperform rating. Of the 27 analysts covering the stock, 23 have a Buy rating and four have a Hold. The consensus price target stands at $122.67.
Robinhood Chain Gets Early Traction
On the product side, Robinhood Chain’s tokenized value surpassed $88 million shortly after its mainnet launch. The platform recorded around $390 million in trading volume and was reported to lead the stock-token market by market cap.
Robinhood Banking and prediction markets are also in focus as potential new revenue streams beyond crypto transaction fees.
The company is set to present at the Goldman Sachs Communacopia + Technology Conference on September 9.
On the insider front, CEO Vladimir Tenev sold 375,000 shares on July 6 at an average price of $116.17, totaling $43.56 million. The sale was executed under a pre-arranged Rule 10b5-1 plan and cut his ownership by 50%. Director Baiju Bhatt also sold 57,898 shares in June at $89.63 per share. Insiders have sold a combined 591,867 shares worth $64.9 million over the past quarter.
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