Robinhood Surges 12.23% On Analyst Upgrade

Robinhood Markets ( HOOD ) has surged past an alternative buy point, adding to its significant gains. The online trading platform reported earnings and sales that exceeded Wall Street's estimates due to a surge in retail cryptocurrency trading. Robinhood ( HOOD ) earned 18 cents a share, a significant shift from a year-ago loss, and revenue surged 40% year over year to a record $618 million. Analysts expect its first-ever full-year profit in 2024 at 78 cents per share. The company's CEO, Jason Warnick, stated that the company delivered significant revenue growth and margin expansion in Q1 and is focused on driving another year of profitable growth in 2024.

BofA Securities upgraded Robinhood stock ( HOOD ), raising it from underperform to buy, with a new price target of 24, up from 14. In response, Robinhood stock ( HOOD ) surged more than 11% in Friday afternoon trading.

The Relative Strength Index (RSI) is nearing a fresh high currently at 63.98, indicating significant stock market outperformance that could pay off well for the stock.