Robinhood May Assets Jump 48% YoY to $377B, Goldman Raises Target
HOOD sits 34% above its 52-week low of $63.515.
Summary
Robinhood reported strong May operating metrics, with assets under custody (AUC) surging 48% year-over-year and 9% month-over-month to $377 billion. The company added $5.6 billion in net deposits and grew its funded customer base to 27.7 million. This robust operational performance follows recent Q1 revenue misses and an executive departure, but aligns with significant insider stock purchases by a director earlier this month. Goldman Sachs subsequently raised its price target to $108 from $105, maintaining a Buy rating. The strong growth in key metrics suggests healthy business momentum and could counter recent negative sentiment.
At the time of this announcement, HOOD was trading at $85.28 on NASDAQ in the Finance sector, with a market capitalization of approximately $77.8B. The 52-week trading range was $63.52 to $153.86. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Wiseek News.