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We recently compiled a list of the These 10 Firms Dominated Last Week's Rally. In this article, we are going to take a look at where Robinhood Markets, Inc. (NASDAQ:HOOD) stands against the other stocks that dominated last week's rally.
Last week saw a strong trading finish with Wall Street’s main indices all settling in the green territory ahead of President-elect Donald Trump’s return to the White House.
Week-on-week, the Dow eked out a 3.81-percent gain, the S&P rallied 3.79 percent, while the Nasdaq increased by 3.84 percent.
Last week, 10 companies from diverse sectors outpaced their peers. Let’s take a closer look at which publicly-listed firms led the charge and what fueled their impressive performance.
For this week’s list of the 10 biggest advancers, we focused exclusively on companies with a market capitalization of at least $2 billion and a minimum trading volume of $5 million.
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Robinhood Markets, Inc. (NASDAQ:HOOD)
Online trading firm Robinhood Markets, Inc. (NASDAQ:HOOD) saw its share prices rally by 23.07 percent week-on-week following twin news that its subsidiaries officially paid $45 million in penalties to settle a case filed by the Securities and Exchange Commission (SEC).
The penalties stemmed from violations of record keeping, and trade reporting, among other rules.
According to the SEC, Robinhood Securities LLC and Robinhood Financial LLC violated numerous requirements such as accurately reporting trading activity; filing timely reports of suspicious activity; maintaining records, and complying with short sale rules.
In other news, investment bank Morgan Stanley raised its price target for Robinhood Markets, Inc. (NASDAQ:HOOD) by 16 percent to $64 apiece from $55 previously, indicating a positive outlook for the company. The brokerage firm also gave Robinhood Markets an “overweight” rating.
Overall HOOD ranks 6th on our list of the firms that dominated last week's rally. 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.