Robinhood Reveals Credit Card, Stock Hits 2-Year Highs

Call traders are targeting HOOD after the news

Deputy Editor
Mar 27, 2024 at 11:05 AM
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Robinhood Markets Inc (NASDAQ:HOOD) stock is jumping today, after the trading platform unveiled its new credit card, the Robinhood Gold Card. Features include 3% cashback on all purchases, and no annual or foreign transaction fees. Points can also be redeemed for cash which can then be used to invest.

At last glance, Robinhood stock was up 2.3% to trade at $19.72, earlier hitting a more than two-year high of $20.55. The shares have been careening higher since a mid-February post-earnings bull gap of 14%, with help along the way from their ascending 20-day moving average. On track for a 10th-straight weekly win this holiday-shortened week, HOOD is up 55% since the start of the year. 

Call traders are blasting Robinhood stock in response to the news. So far, 129,000 calls have been exchanged -- triple the call volume typically seen at this point -- in comparison to 17,000 puts. The weekly 3/28 20-strike call is the most popular, followed by the 20.50-strike call in the same series, with new positions opening at the latter. 

Analysts have yet to chime in, though there is plenty of room for optimism. Of the 14 firms in coverage, 10 carry a "hold" or worse rating on HOOD, while the 12-month consensus price target of $15.88 sits at a roughly 20% deficit to today's price. 

 

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