What's Going On With Robinhood Markets Stock?

Robinhood Markets Inc HOOD shares are trading higher Thursday. The company announced operating data for November.

What Happened: Robinhood said it had 23.3 million net cumulative funded accounts at the end of November, up approximately 20,000 from October. 

Assets under custody at the end of the month were $94.4 billion, up 12% from October after net deposits during the month totaled $1.4 billion. Net deposits over the last 12 months were $16.4 billion, representing an annual growth rate of 23%. 

Equity and options trading volumes in November were roughly in line with October, while crypto trading volumes were higher. Equity volumes were up 4%, options were down 1% and crypto volumes were up 74%.

Margin balances at the end of the month were $3.4 billion, down 3% from October. Total cash sweep balances were $15.2 billion, up about 9% from the prior month.

Of all the analysts that cover Robinhood, six have positive ratings, seven have neutral ratings and six have negative ratings. The average price target currently sits at $13.93, according to Benzinga data.

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HOOD Price Action: Robinhood shares were up 2.42% at $12.28 at the time of publication,according to Benzinga Pro.

Photo: Sergei Tokmakov from Pixabay.