What's Going On With Robinhood Markets Stock Wednesday?

Robinhood Markets Inc HOOD shares are in the spotlight Wednesday ahead of earnings. Here’s what you need to know before the report.

What To Know: Robinhood is set to report financial results for the second quarter after the market close on Wednesday. Analysts are looking for earnings of 15 cents per share and revenue of $643.336 million, according to estimates from Benzinga Pro.

Last quarter, Robinhood beat analyst estimates on the top and bottom lines, turning in earnings of 18 cents per share as revenue jumped 40% year-over-year to $618 million.

Gold subscribers reached a new high of 1.7 million in the first quarter, representing growth of 42% year-over-year as over 1 million customers joined the waitlist for the Robinhood Gold Credit Card in the quarter.

“We continued to aggressively execute on our product roadmap in Q1, leading to all-time highs for Net Deposits and Gold Subscribers,” Robinhood CEO Vlad Tenev said at the time.

“Q2 is off to a strong start with April being our highest month of the year for Net Deposits and Gold Subscriber growth, and we’re excited to see strong interest from over 1 million customers in our Robinhood Gold Card.”

Don’t Miss: Robinhood Q2 Earnings Preview: 24-Hour Trading, Crypto, Funded Accounts In Focus; Analyst Sees ‘Favorable’ Environment

Citigroup analyst Christopher Allen upgraded Robinhood from Sell to Neutral on Monday and set a price target of $18. Here’s a look at other recent analyst changes leading up to earnings.

• Keybanc analyst Alex Markgraff maintained Robinhood with an Overweight and raised the price target from $23 to $25.

• Goldman Sachs analyst Will Nance maintained Robinhood with a Neutral and raised the price target from $19 to $21.

• Barclays analyst Benjamin Budish maintained Robinhood with an Underweight and raised the price target from $18 to $20.

• Piper Sandler analyst Patrick Moley maintained Robinhood with a Neutral and raised the price target from $18 to $20.

HOOD Price Action: Robinhood shares are volatile ahead of earnings. The stock initially traded higher on Wednesday before pulling back and turning negative. Robinhood shares were down 0.61% at $17.11 at the time of publication, according to Benzinga Pro.

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