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Robinhood, an American financial services company, will unveil its financial results for the second quarter of 2021 this Wednesday. If the company unveils strong results, it may be the catalyst for the stock to jump.
Robinhood has brought stock investing in the USA to a new level. It raised the number of users from 7.2 in March 2020 to 18 million in March 2021. The platform’s success led to Robinhood's recent initial public offering (IPO).
In the long term, analysts believe the stock is well-positioned. It has a huge number of active users, which is growing every day. The company is going to expand internationally and broaden its assets class to cryptocurrencies, which is great for every company.
However, some analysts concern that the main source of Robinhood’s revenue comes from payment for order flow. It means that the company sells its customers' buy and sell orders to third-party brokerages. Therefore, if the entire stock market drops hugely, it may decrease the amounts of trading by investors. Fewer orders will result in less payment for order flow. Indeed, it’s a negative side of Robinhood’s business, but it won’t happen in the near future as economies are reopening and recovering.
The stock has opened at $36 per share. Then, it rocketed to $84.00 in only two days. However, after that, it dropped below $50.00. It has consolidated quite a long, and soon investors can start taking interest in Robinhood. Watch closely this stock. The support zone of $44.00-46.00 may stop the pair from further falling, where investors can find a 'buy the dips' opportunity.
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Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
Last week was not full of events, but we still saw decent moves in the charts of majors, S&P500, NASDAQ, oil, and crypto. The upcoming week will bring even more volatility to your favorite assets!
The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
The US Bureau of Labor Statistics will announce average hourly earnings, nonfarm employment change (NFP), and the unemployment rate on July 8, at 15:30 MT time.
The Federal Open Market Committee, a committee within the Federal Reserve, will reveal a detailed record of the central bank’s last meeting on July 6 at 21:00 MT.
The Reserve Bank of Australia will announce its cash rate and make a statement about future rate policy on Tuesday, July 5, at 07:30 MT.
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