Robinhood Stock Surges as Cathie Wood Loads Up Ahead of Earnings
Robinhood Markets has seen its stock price skyrocket 413% over the past year, fueled by surging trading activity in both equities and cryptocurrencies. The platform now boasts 26.7 million funded accounts holding $304 billion in assets, with average account values crossing the $10,000 threshold for the first time.
Cathie Wood's Ark Invest made a strategic $21.3 million bet on Robinhood through two ETFs just days before the company's November 5 earnings report. Options markets reflect bullish sentiment, with 60% of traders positioning for further upside.
The fintech firm is aggressively expanding its crypto footprint, acquiring Bitstamp for $200 million and WonderFi for $180 million while launching new tokenization services and prediction markets. Analysts expect Q3 earnings of 51-52 cents per share on $1.19 billion revenue.
