Bull of the Day: Robinhood (HOOD)

There’s a ton of bullishness in the market right now. We are celebrating some major trade deals ahead of the looming August 1st deadline, and the increasing possibility of Fed rate cuts later this year. It’s provided us with a great environment for risk. This has helped broad market averages tick up to all-time highs, with more prosperity on the way.Today’s Bull of the Day is a stock that directly benefits from a red hot stock market. It’s Zacks Rank #1 (Strong Buy) Robinhood (HOOD). Robinhood is the popular investment app that’s quietly amassed an eye-popping amount of assets.Robinhood has turned the corner from being the poster child of retail trading chaos to a legitimate fintech contender. That’s not just hype, it’s backed by the numbers. The company crushed Q1 expectations, reporting  37 cents EPS vs. consensus expectations of just 31 cents. It was the second consecutive quarterly beat for the company.The growth moving forward looks strong as well. Current year revenue forecasts call for 26.77% growth, with another 19.79% forecast for next year. That’s set to translate to earnings growth of 20% this year and accelerating to 28% next year.Image Source: Zacks Investment ResearchAll this has prompted analysts to up the ante for the current year and next year, the reason why the stock enjoys a Zacks Rank #1 (Strong Buy) right now. Over the course of the last month alone, five analysts have increased their earnings estimates for the current year and next year. The bullish sentiment has pushed up our Zacks Consensus Estimates for the current year from $1.22 to $1.31 and next year from $1.42 to $1.68.There have been a lot of reasons for this growth lately. First, the big resurgence in crypto is helping a ton. With Bitcoin and Ethereum making waves again, Robinhood’s crypto platform is back in demand. They are now even offering staking for Ethereum and Solana. Also, the addition of IRAs has been a huge help, attracting a more stable, long-term customer demographic. That’s sticky money that Robinhood can use to build in the future. The company has also launched in the UK and plans to expand further in Europe. More users, more assets, more revenue.#1 Semiconductor Stock to Buy (Not NVDA)The incredible demand for data is fueling the market's next digital gold rush. As data centers continue to be built and constantly upgraded, the companies that provide the hardware for these behemoths will become the NVIDIAs of tomorrow.One under-the-radar chipmaker is uniquely positioned to take advantage of the next growth stage of this market. It specializes in semiconductor products that titans like NVIDIA don't build. It's just beginning to enter the spotlight, which is exactly where you want to be.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Robinhood Markets, Inc. (HOOD): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks