Robinhood Witnesses 6.8% Uptick Along with Crypto Market Surge

• Performance Wealth Partners bets on Robinhood with a $97,000 investment.
• The resurging crypto market may catalyze Robinhood’s recovery.
• Robinhood’s Q1 2023 revenues are up by 16% despite the FTX collapse.

Performance Wealth Partners LLC, a respected financial firm, recently acquired 10,000 shares in Robinhood Markets, Inc. (NASDAQ:HOOD), demonstrating confidence in the company despite its turbulent past. The purchase, worth roughly $97,000, comes as the company shows encouraging signs of recovery amid a resurgent cryptocurrency market.

Significantly, the transaction follows a wider trend among hedge funds and institutional investors, such as Commonwealth Equity Services LLC and Creative Planning, bolstering their stakes in Robinhood. As a result, institutional ownership now accounts for nearly 60% of Robinhood’s stock.

Moreover, its shares opened at $10.66 on Tuesday, a healthy 6.8% upswing. This Robinhood’s impressive Q1 earnings report indicates a potential change in luck for the company, outperforming market predictions with an EPS of -$0.57. Further, this performance surpassed the consensus estimate of -$0.61, hinting towards a promising future aided by recent improvements.

Crypto Market Rebound: A Boon for Robinhood

On the same accord, Robinhood’s fortunes appear intertwined with the resurgence of the cryptocurrency market. The most renowned cryptocurrency, Bitcoin, has grown significantly this year, cresting the $30 mark. Similarly, altcoins like Ethereum, XRP, Cardano, Solana, and Litecoin have reported significant gains year-to-date.

Despite suffering a setback due to the collapse of FTX last November, Robinhood managed to increase its net revenues by 16% to $441 million in Q1 2023. Moreover, transaction-based revenues rose 11% to $207 million. Despite a slight dip in cryptocurrency transactions, a resurgence in the crypto market may catalyze its continued recovery.

The company has weathered its share of storms, including a notable sale of shares by insider Daniel Martin Gallagher, Jr. Despite this, Gallagher remains a significant shareholder, and corporate insiders still control over 20.81% of Robinhood’s stock.

In conclusion, Robinhood’s path to recovery seems intertwined with the fortunes of the crypto market. Given the strong growth of cryptocurrencies this year, it may benefit significantly. However, as with all investments, the journey may be volatile and unpredictable.

Highlighted Crypto News Today:

Founders of Insolvent 3AC Lure Investors With Reimbursement Scheme

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
• Source: https://thenewscrypto.com/robinhood-witnesses-6-8-uptick-along-with-crypto-market-surge/