Why Are Robinhood Shares Trading Higher Tuesday?

Author: Vaishali Prayag | July 09, 2024 04:19pm

Robinhood Markets Inc. (NASDAQ:HOOD) saw its shares moving higher on Tuesday following Piper Sandler’s decision to maintain a Neutral rating while raising the price target to $20. This is the first analyst firm to raise its price target in July.

Several analysts weighed in on the stock in June. Here’s a roundup of these analyst adjustments:

Wolfe Research: Upgraded Robinhood from Peer Perform to Outperform, setting a bullish $29 price target.
Deutsche Bank: Maintained a Hold rating while raising the price target to $20.
Citigroup: Maintained a Sell rating but raised the price target from $16 to $18.
JMP Securities: Reiterated a Market Outperform rating and maintained a $30 price target.

These adjustments came amidst Robinhood’s continued evolution and market positioning.

How To Buy HOOD Stock?

For Robinhood Markets, which is trading at $22.64 on Tuesday, $100 would buy you 4.42 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource.

Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading — either way it allows you to profit off of the share price decline.

HOOD Price Action: Robinhood shares were up by 2.31% at $22.60 at publication Tuesday, according to Benzinga Pro.