Robinhood Hovers Around $92 With SpaceX Trade Buzz in Focus
Robinhood Markets, Inc. was little changed at $92.31 Friday afternoon. Shares moved between $96.09 and $90.27 earlier in the session. The company showed a market cap of about $84.6 billion. The price-to-earnings ratio was around 44.9, keeping the shares at a valuation that suggests investors are still betting on growth, not a turnaround. Robinhood shares got a lift after Needham’s John Todaro boosted his price target to $97 from $85 and stuck with a Buy, citing a pick-up in equities and event contracts in the May numbers, Benzinga said. Investing.com reported Needham increased estimates in most categories, even as it cut crypto volume forecasts. The bull case is shifting more toward trading activity outside crypto.