#5 - Robinhood (NASDAQ:HOOD)
It's only logical that Robinhood Markets Inc. (NASDAQ: HOOD) would make a list of viable meme stocks. The company has embraced retail investors in its effort to democratize the world of investing. That has paid off, with the company showing strong user growth in 2023, which is expected to continue into 2024. That growth has been aided by the company's premium service, Robinhood Gold, which has attractive features, such as offering investors 5% interest on their uninvested cash, 0% interest on the first $1,000 margin that users borrow, and a 3% IRA match on eligible contributions.
That said, it's impossible to discuss Robinhood's popularity without mentioning cryptocurrency. This puts the company under regulatory scrutiny, and analysts are wary of its ability to continue its current growth trajectory.
However, the opposite side of that argument is that demand for crypto will increase if the Federal Reserve cuts interest rates and the dollar's value decreases. Plus, in an increasingly bifurcated economy, there will always be a place for a company trying to help the "little guy" build wealth.
About Robinhood Markets
Robinhood Markets, Inc operates financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds (ETFs), American depository receipts, options, gold, and cryptocurrencies. The company offers fractional trading, recurring investments, fully-paid securities lending, access to investing on margin, cash sweep, instant withdrawals, retirement program, around-the-clock trading, and initial public offerings participation services.
Read More - Current Price
- $37.54
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 10 Buy Ratings, 5 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $30.59 (18.5% Downside)
