February
2024 proved to be one other profitable month for Robinhood Markets, Inc. (NASDAQ: HOOD), because the
firm reported progress in key areas, resembling funded clients, property underneath
custody (AUC), and buying and selling volumes.
Cryptocurrency
volumes elevated 86% in comparison with final yr, and the quantity of deposited
funds grew 60%.
In accordance
to the report, Robinhood’s funded clients reached 23.6 million on the finish of
February, representing a rise of roughly 130,000 from January 2024.
The platform’s AUC noticed vital progress, reaching $118.7 billion, an enchancment of 16% from the earlier month and 59% from the earlier yr, when AUC stood
at $74.7 billion.
“Internet
Deposits had been $3.6 billion in February, translating to a 42% annualized progress
fee relative to January 2024 AUC,” the corporate commented. “During the last
twelve months, Internet Deposits had been $21.6 billion, translating to an annual progress
fee of 29% relative to February 2023 AUC.”
Buying and selling
volumes on the platform had been greater throughout all asset courses in February
in comparison with January 2024. Fairness notional buying and selling volumes elevated 36% to
$80.9 billion, whereas choices contracts traded rose 12% to 119.1 million.
Crypto notional buying and selling volumes additionally noticed an elevation of 10%, reaching $6.5 billion.
On an
annual foundation, the will increase had been even stronger. Cryptocurrency buying and selling exercise
elevated 86%, shares 41%, and choices contracts 33%.
Robinhood’s
margin balances and complete money sweep balances additionally skilled progress in
February. Margin balances escalated 6% from the top of January 2024,
reaching $3.8 billion, whereas complete money sweep balances grew 8% to $18.1
billion. The corporate’s complete securities lending income in February was $13
million, representing an development of 8% from the earlier month.
BERNSTEIN HAS UPGRADED $HOOD ROBINHOOD TO A PRICE TARGET OF $30 FOLLOWING FEBRUARY DATA
“Robinhood’s revenue has been supported by structural price cuts and curiosity earnings, serving to to determine a path towards online-broker friends’ margins.“ pic.twitter.com/yRmtgYTdAR
— amit (@amitisinvesting) March 13, 2024
This fall Outcomes and Document
Evening Volumes
The corporate reported spectacular monetary outcomes for the fourth quarter of 2023 a month in the past. The net brokerage agency generated complete internet income of $471 million
throughout the October-December interval, a year-over-year incline of 24% and
surpassing market estimates of $457 million.
The robust
efficiency translated right into a internet earnings of $30 million, or $0.03 earnings per
share, a major turnaround from the losses skilled within the earlier
quarter and the corresponding interval of the prior yr.
A key
contributor to Robinhood’s success was the launch of its “Robinhood 24
Hour Market” platform. This progressive service permits retail
buyers to commerce shares and exchange-traded funds across the clock, 5 days
every week, catering to the rising demand for prolonged buying and selling hours.
Since its
introduction, the Robinhood 24 Hour Market has recorded a formidable complete
in a single day buying and selling quantity exceeding $10 billion. The platform has witnessed a
vital shift in buying and selling patterns, with as a lot as 25% of the overall day by day
buying and selling quantity occurring throughout the in a single day session on the busiest days.
Initially
launched in Might 2023 for US purchasers, the 24-hour buying and selling platform underwent a
trial interval earlier than being made accessible to all Robinhood clients in July.
February
2024 proved to be one other profitable month for Robinhood Markets, Inc. (NASDAQ: HOOD), because the
firm reported progress in key areas, resembling funded clients, property underneath
custody (AUC), and buying and selling volumes.
Cryptocurrency
volumes elevated 86% in comparison with final yr, and the quantity of deposited
funds grew 60%.
In accordance
to the report, Robinhood’s funded clients reached 23.6 million on the finish of
February, representing a rise of roughly 130,000 from January 2024.
The platform’s AUC noticed vital progress, reaching $118.7 billion, an enchancment of 16% from the earlier month and 59% from the earlier yr, when AUC stood
at $74.7 billion.
“Internet
Deposits had been $3.6 billion in February, translating to a 42% annualized progress
fee relative to January 2024 AUC,” the corporate commented. “During the last
twelve months, Internet Deposits had been $21.6 billion, translating to an annual progress
fee of 29% relative to February 2023 AUC.”
Buying and selling
volumes on the platform had been greater throughout all asset courses in February
in comparison with January 2024. Fairness notional buying and selling volumes elevated 36% to
$80.9 billion, whereas choices contracts traded rose 12% to 119.1 million.
Crypto notional buying and selling volumes additionally noticed an elevation of 10%, reaching $6.5 billion.
On an
annual foundation, the will increase had been even stronger. Cryptocurrency buying and selling exercise
elevated 86%, shares 41%, and choices contracts 33%.
Robinhood’s
margin balances and complete money sweep balances additionally skilled progress in
February. Margin balances escalated 6% from the top of January 2024,
reaching $3.8 billion, whereas complete money sweep balances grew 8% to $18.1
billion. The corporate’s complete securities lending income in February was $13
million, representing an development of 8% from the earlier month.
BERNSTEIN HAS UPGRADED $HOOD ROBINHOOD TO A PRICE TARGET OF $30 FOLLOWING FEBRUARY DATA
“Robinhood’s revenue has been supported by structural price cuts and curiosity earnings, serving to to determine a path towards online-broker friends’ margins.“ pic.twitter.com/yRmtgYTdAR
— amit (@amitisinvesting) March 13, 2024
This fall Outcomes and Document
Evening Volumes
The corporate reported spectacular monetary outcomes for the fourth quarter of 2023 a month in the past. The net brokerage agency generated complete internet income of $471 million
throughout the October-December interval, a year-over-year incline of 24% and
surpassing market estimates of $457 million.
The robust
efficiency translated right into a internet earnings of $30 million, or $0.03 earnings per
share, a major turnaround from the losses skilled within the earlier
quarter and the corresponding interval of the prior yr.
A key
contributor to Robinhood’s success was the launch of its “Robinhood 24
Hour Market” platform. This progressive service permits retail
buyers to commerce shares and exchange-traded funds across the clock, 5 days
every week, catering to the rising demand for prolonged buying and selling hours.
Since its
introduction, the Robinhood 24 Hour Market has recorded a formidable complete
in a single day buying and selling quantity exceeding $10 billion. The platform has witnessed a
vital shift in buying and selling patterns, with as a lot as 25% of the overall day by day
buying and selling quantity occurring throughout the in a single day session on the busiest days.
Initially
launched in Might 2023 for US purchasers, the 24-hour buying and selling platform underwent a
trial interval earlier than being made accessible to all Robinhood clients in July.
