Robinhood Markets Inc (NASDAQ:HOOD) shares are trading higher on Monday. Here’s a look at what’s going on.
- HOOD is among today’s top performers. Get the details here.
What To Know: According to Benzinga Insights, institutional investors HOOD) shares are trading higher on Monday. Here's what may be responsible for the move.">have positioned themselves bullishly on Robinhood stock. Benzinga Insights flagged 65% bullish sentiment in options activity on Monday. Call options accounted for about $1.2 million in trading activity, while put options accounted for far less, indicating net positive positioning.
Traders may be increasing positions ahead of earnings on Nov. 5. Robinhood is expected to report earnings of 51 cents and revenue of $1.19 billion for the third quarter, according to Benzinga Pro.
Recent analyst coverage shows an average price target of $147 on Robinhood, suggesting further upside from current levels. Buy ratings from Needham ($145 target), Goldman Sachs ($152 target) and Bank of America Securities ($157 target) reflect analyst optimism. Citigroup and Morgan Stanley also recently maintained Neutral ratings and price targets of $135 and $146, respectively.
Robinhood stock is approaching its 52-week high of $153.85, reflecting strong momentum as it continues to attract investor interest. With a year-to-date performance of 248.6%, Robinhood has demonstrated significant growth, positioning itself as a notable player in the financial services sector.
Currently, the stock is trading approximately 13.2% above its 50-day moving average of $121.46 and a substantial 78.8% above its 200-day moving average of $76.87. This positioning indicates a bullish trend. The relative strength index (RSI) sits at 47.55, suggesting that the stock is in a neutral zone, which leaves room for further upward movement.
Support currently stands at $120.46, which aligns closely with the 50-day moving average, providing a solid foundation for potential pullbacks. On the upside, the key resistance level is the 52-week high, which will be a critical target for traders looking for breakout opportunities.
Given the current setup, a successful breach of the resistance at $153.85 could signal a continuation of the bullish trend, while a drop below the support level of $120.46 may prompt a reassessment of the stock’s upward trajectory. Investors should keep a close eye on these levels as they navigate the evolving market landscape.
HOOD Price Action: Robinhood shares were up 5.78% at $137.42 at the time of publication on Monday, per Benzinga Pro. The intraday range spans a low of $132.90 to a high of $140.19.
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