Why Robinhood Markets Inc. (HOOD) Went Up on Thursday

We recently published a list of 10 Firms Post Double-Digit Gains on Thursday. In this article, we are going to take a look at where Robinhood Markets Inc. (NASDAQ:HOOD) stands against other firms that posted double-digit gains on Thursday.

Wall Street’s main indices finished in the green territory on Thursday, as investors cheered President Donald Trump’s reciprocal tariffs–but not right away.

The Dow Jones rose 0.77 percent, the S&P 500 increased 1.04 percent, while Nasdaq jumped 1.50 percent.

Ten companies mirrored a broader market optimism, clocking in double-digit gains. In this article, we will explore the reasons behind their impressive performance.

To come up with Thursday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

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Robinhood Markets Inc. (NASDAQ:HOOD)

Robinhood Markets jumped for a second day on Thursday, adding 14.11 percent to hit a new all-time high of $63.8 apiece as investors snapped up shares in the company following a nearly 3,000-percent surge in its net income in the fourth quarter of the year, thanks to the booming cryptocurrency industry.

In a statement, HOOD said net profit in the fourth quarter soared by 2,953 percent to $916 million from only $30 million registered in the same period last year, as net revenues jumped by 115 percent to $1.01 billion from $471 million, driven by a 700-percent jump in cryptocurrency revenues at $358 million.

For the full year 2024, the company swung to a net income of $1.4 billion, reversing a net loss of $541 million in 2023. Net revenues increased by 58 percent to $2.95 billion from $1.86 billion in 2023.

“We hit the gas on product development in 2024 with a new platform for active traders, Gold Card launch, an expanded UK and EU product suite, and much more,” HOOD CEO Vlad Tenev said. “We see a huge opportunity ahead of us as we work toward enabling anyone, anywhere, to buy, sell, or hold any financial asset and conduct any financial transaction through Robinhood.”

Overall, HOOD ranks 8th on our list of firms that posted double-digit gains on Thursday. While we acknowledge the potential of HOOD as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than HOOD but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.