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Robinhood notches new all-time closing high
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Robinhood notches new all-time closing high

The brokerage app posted strong Q2 numbers and has been on a tear.

Matt Phillips

Options, crypto, and stock brokerage Robinhood Markets etched a new record closing price of $114.63 Friday, as bullish earnings season vibes continued to push prices for a range of tradable assets higher.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions. I own Robinhood stock as part of my compensation.)

The stock is up more than 7% since the company posted strong Q2 numbers on July 30. Shares were boosted, in part, by the surge in options trading that’s accompanied a flurry of retail trading over the past few months.

This isn’t a Robinhood-only phenomenon, however.

A story published Friday on the salmon-tinted website of the Financial Times noted that the share prices of Robinhood competitors Interactive Brokers and Charles Schwab have also touched new highs in recent days, as net inflows to stocks and ETFs by retail investors through the end of July were even running ahead of the record pace of 2021, when the GameStop saga triggered a resurgence of individual trading activity.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Sherwood Media, LLC and Chartr Limited produce fresh and unique perspectives on topical financial news and are fully owned subsidiaries of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Money, LLC, Robinhood U.K. Ltd, Robinhood Derivatives, LLC, Robinhood Gold, LLC, Robinhood Asset Management, LLC, Robinhood Credit, Inc., Robinhood Ventures DE, LLC and, where applicable, its managed investment vehicles.