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OFFON

ROBINHOOD MARKETS, INC.

(HOOD)
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Robinhood Markets : 'Meme du jour' Robinhood stock soars over 20%, passes IPO price

08/03/2021 | 03:20pm EDT
FILE PHOTO: The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City

Aug 3 (Reuters) - Robinhood Markets Inc's shares surged over 20% on Tuesday, adding more than $7 billion to the value of the online brokerage and elevating its stock above the price set in last week's poorly received IPO.

The shares were at $46.80 in late afternoon trading, marking a third day of gains and taking them well above the price of $38 set in last Wednesday's IPO.

Relatively small trade sizes suggest Robinhood has become the latest of several stocks driven higher this year in retail investor frenzies, said Sahak Manuelian, managing director of trading at Wedbush Securities in Los Angeles.

"It's the meme du jour," Manuelian said.

About $3.6 billion worth of Robinhood shares had changed hands by late afternoon, among the top 10 most heavily traded stocks on Wall Street.

On Thursday, Robinhood tumbled 8% in its first day of trading, surprising some analysts who had expected strong support from the small-time traders it serves and for whom it had taken the unusual step of as much of as 35% the shares in the flotation.

Company executives sold shares a day before the launch, with Chief Executive Vlad Tenev cashing in 1.25 million shares for about $45.5 million, according to filings at the time of the IPO. Those sales were disclosed in advance and any impact had dissipated by Tuesday.

Star investor Cathie Wood's flagship ARK Innovation ETF has accumulated nearly 5 million Robinhood shares, now worth about $226 million, according to data on the fund's website.

Robinhood's smartphone trading app was instrumental in fueling this year's "meme" stock frenzy, but retail investors mostly snubbed the stock on online forums such as Reddit last week.

Shares in the company were among the top five trending stocks on trading-focused social media site Stocktwits on Tuesday, although almost three-quarters of the commentary was negative. The platform is commonly seen as a measure of interest from retail investors.

Robinhood's trading app discourages users to sell shares within the first 30 days of IPOs, restricting them from participating in future IPO deals for two months if they do. (Reporting by Medha Singh in Bengaluru; additional reporting by Lance Tupper in New York and Noel Randewich in Oakland, California; Editing by Alden Bentley, Arun Koyyur and David Gregorio)


ę Reuters 2021
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Analyst Recommendations on ROBINHOOD MARKETS, INC.
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Financials (USD)
Sales 2021 1 992 M - -
Net income 2021 -3 041 M - -
Net cash 2021 1 083 M - -
P/E ratio 2021 -5,33x
Yield 2021 -
Capitalization 38 614 M 38 614 M -
EV / Sales 2021 18,8x
EV / Sales 2022 14,0x
Nbr of Employees 2 800
Free-Float 78,4%
Chart ROBINHOOD MARKETS, INC.
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Robinhood Markets, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends ROBINHOOD MARKETS, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 44,91 $
Average target price 53,00 $
Spread / Average Target 18,0%
EPS Revisions
Managers and Directors
Vladimir Tenev Chairman, President & Chief Executive Officer
Jason Warnick Chief Financial Officer
Gretchen Howard Chief Operating Officer
Scott D. Sandell Independent Director
Jan Hammer Independent Director
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