Robinhood Markets (HOOD) PT Raised to $18 at Piper Sandler
Piper Sandler analyst Patrick Moley raised the price target on Robinhood Markets (NASDAQ: HOOD) to $18.00 (from $17.00) while maintaining a Neutral rating.
The analyst commented: "HOOD posts strong top & bottom line GAAP earnings beat. HOOD reported GAAP EPS of $0.18 per share, beating our $0.08 est. & consensus at $0.06. Stronger than expected Transaction revs (particularly in Crypto) drove an 8% ($45M) beat to our Total Revenue estimate. Expenses came in $24M (5%) below our estimate. HOOD's 1Q24 adjusted EBITDA of +$247M (+86% QoQ, +115% YoY) was above our +$197M estimate. Bottomline, HOOD shares are trading up >4% after hours we suspect due to a combination of the 1Q24 beat & continued strong asset gathering trends in April."