Robinhood Analysts Raise Their Forecasts After Upbeat Q2 Earnings

Robinhood Markets Inc HOOD reported upbeat earnings and sales results for its second quarter.

Robinhood reported second-quarter revenue of $486 million, which was up 53% year-over-year and up 10% quarter-over-quarter. The revenue total beat a Street estimate of $475 million. The company reported second-quarter earnings per share of 3 cents, which beat a Street estimate of a loss of 2 cents per share.

The company now sees full-year expenses in a range of $2.33 billion to $2.41 billion.

Robinhood shares fell 4.7% to $11.85 in pre-market trading.

These analysts made changes to their price targets on Robinhood following earnings announcement.

• Barclays raised the price target on Robinhood from $10 to $11. Barclays analyst Ross Sandler maintained an Underweight rating.
• Citigroup increased the price target on Robinhood from $10 to $12. Citigroup analyst Christopher Allen maintained a Neutral rating.

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