Robinhood Markets Inc. (NASDAQ:HOOD) exiting its quiet period Monday is is being closely watched.
Before markets opened, at least 10 brokerages had issued initial ratings for the investment app maker, joining 3 others that had stated out positions.
A review of the share price action since the company’s 29 July IPO may be instructive.
The stock added more than $2 early on the IPO date but closed down almost 8.4% after setting what is still its post-IPO low.
Then 4 days later, the stock posted its post-IPO high. The next day, the shares dropped by 27.6%, and after bouncing around in a range of around plus or minus 6, the stock closed at 42.64 Friday, up 12.2% from the IPO price. And is currently tradin at 45/share + 5.44% on the day.
Of the 13 ratings so far, only 1 rating is Underperform, 5 are the equivalent of Hold and 8 including us rate the stock as a Buy. There are no Strong Buy ratings yet.
Our 1yr target price is 57-60/share/
Have a prosperous weekend, Keep the Faith!