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Robinhood Markets Inc (NASDAQ:HOOD) shares are trading higher Thursday. The company reported operating data for July late Wednesday and Deutsche Bank upgraded the stock Thursday morning.
What Happened: Robinhood said it had 24.2 million funded customers as of the end of July, up approximately 70,000 from June and up more than 1 million year-over-year.
Net deposits were $4.2 billion in July, bringing net deposits over the last twelve months up to $35.8 billion. Assets under custody at the end of July were $144.5 billion, up 3% from June and up 53% year-over-year.
Equity notional trading volumes were $104.4 billion, up 51% year-over-year. Crypto notional trading volumes were $5.3 billion, up 56% year-over-year. Options contracts traded were 160.5 million, up 51% year-over-year.
Margin balances at the end of July were up 59% year-over-year and total cash sweep balances were up 72% year-over-year.
Robinhood shares are also moving higher after Deutsche Bank analyst Brian Bedell upgraded the stock from Hold to Buy and raised the price target from $21 to $24.
Check This Out: Retail Sales Soar In July, Weekly Jobless Claims Undercut Expectations: Traders Lean Towards 25-Basis-Point Cut In September
Predicting the future in stock prices over long periods of time is challenging. Wall Street analysts use complex models that take into account interest rates, economic growth, competitive advantages, management teams and historical profitability, among a host of other factors.
If, as an investor, you want to assume most of the major factors remain stable, you can use trend analysis as a helpful tool. Using a longer term trend line or historical performance of the stock, you can aim to forecast a stock's annual rate of return.
For Robinhood, over the past five years, it' annualized stock performance is -11.74%, and if you assume that trend continues for another 5five years, you can expect a stock to trade at $9.99.
Using a trend line (see how to perform this function here), If you choose to use a trend line, connect your two points and look into the future to the point in time in which you're curious. Once you've identified that stock price, you may want to consider what type of conditions would need to exist for the stock to justify the share price – be it an outside influence or managerial decision making.
HOOD Price Action: Robinhood shares were up 3.81% at $19.36 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
Posted In: HOOD
