What's Going On With Robinhood Stock?

Robinhood Markets, Inc. HOOD shares are trading higher Tuesday after the company announced the date of its first investor day after Monday's closing bell. 

The Details:

Robinhood will hold its first investor day on Dec. 4, 2024 in New York City. The company said the event will be live streamed with the option for some institutional and retail investors and analysts to attend in person. The company said it will share its vision for the next ten years and plans to answer questions from investors and analysts.

On Monday, Barclays analyst Benjamin Budish maintained an Equal-Weight on Robinhood's stock and raised the price target from $20 to $23.

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What Else: 

According to a report from Politico, Donald Trump is considering Dan Gallagher, Chief Legal Officer at Robinhood, as successor to Gary Gensler in the position of Chairman of Securities and Exchange Commission (SEC). 

Gallagher has been critical of the SEC's approach to cryptocurrency regulation under Gensler's leadership and would like to see "a path forward for at least a baseline registration system" for crypto exchanges and brokers.

HOOD Stock Prediction 2024:

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Robinhood Markets, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Robinhood Markets, the 200-day moving average sits at $18.27, according to Benzinga Pro, which is below the current price of $25.16. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

HOOD Price Action: According to Benzinga Pro, Robinhood shares are up 7.2% at $25.00 at the time of publication Tuesday.

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