Cryptocurrencies, artificial intelligence (AI), and new stock issuance are just a few of the catalysts that are propelling growth stocks to incredible heights. These catalysts and a few others have led to some stocks doubling their share price during the first five months of the year.
With an aim to expand globally and cater to institutional clients, Robinhood (HOOD) signs a deal to acquire Bitstamp for $200 million in cash. This will help diversify revenues beyond trading.
Shares of Robinhood (HOOD) shoot up on confirmation that it was buying Bitstamp in a $200 million deal.
Robinhood Markets revealed Thursday it will purchase Bitstamp, saying it expects to pay about $200 million in cash to become the cryptocurrency exchange's new owner.
Many readers have become excited about Robinhood Markets (NASDAQ: HOOD ) lately. At $21.50 per share, Robinhood stock is up 68% for 2024.
Does Robinhood Markets, Inc. (HOOD) have what it takes to be a top stock pick for momentum investors? Let's find out.
Nvidia's revenue has more than tripled from $26 billion to nearly $80 billion in under two years. Qualcomm's AI chip business has taken its stock to record highs.
Robinhood isn't getting a lot of credit. Short interest has waned as the stock has advanced, but enough skeptics are wagering on a decline as to suggest that its next earnings report—expected in early August—could be eventful.
The S&P 500 index has seen both bear and bull markets in the last three years. Brokerage firms like Robinhood and Interactive Brokers benefit from that volatility.
Robinhood has used higher yields to lure customers to its brokerage platform. It recently posted its best quarterly earnings profit ever, driven by solid growth across its different revenue sources.
In reality, many tech companies don't have deep pockets. And in a higher interest rate situation, this becomes even more important.
A $1 billion buyback could provide fuel to Robinhood stock.