Options Traders Blast Robinhood Stock After Earnings

Several analysts upped their HOOD price targets as well

Deputy Editor
May 9, 2024 at 10:18 AM
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Robinhood Markets Inc (NASDAQ:HOOD) is up 2.9% to trade at $18.37 this morning, following the trading platform's first-quarter earnings results. Robinhood posted earnings of 18 cents per share on revenue of $618 million both of which topped analyst estimates. The quarterly top-line beat was boosted by record net deposits of $11.2 billion.  

Options traders are targeting the stock after the results, with total volume running at 12 times what's typically seen at this point and calls nearly tripling the number of puts traded. The 5/10 19-strike call is the most popular by far, with new positions being bought to open.

Analysts are bullish as well, with no less than five price-target hikes following the event. Mizuho sees the highest ceiling, adjusting its price objective up to $23 -- a 25% premium to HOOD's current perch.

After a three-year high of $20.55 on March 27, HOOD's subsequent 10.5% second-quarter drawdown found support at its 60-day moving average. The shares are up 44.2% year-to-date, and further back, up more than 100% year-over-year.


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