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On Wednesday, Cathie Wood-led Ark Invest continued its trend of offloading shares of Robinhood Markets Inc and Palantir Technologies Inc , marking significant trades for the day.
The Robinhood Trade: Ark Invest’s Ark Fintech Innovation ETF sold 24,796 shares of Robinhood. This decision aligns with Ark’s recent trading patterns, which have seen a steady decrease in Robinhood holdings.
The move comes in the wake of Robinhood’s $3.9 million settlement with California’s Department of Justice over its previous ban on Bitcoin withdrawals. Despite this setback, Robinhood has been evolving from a meme stock trading platform to a serious contender against traditional brokerages. The value of the trade, based on Robinhood’s closing price of $22.95 on the same day, is approximately $569,368.
Notably, Robinhood shares rose after the Federal Reserve cut interest rates by 50 basis points, benefiting from increased user engagement, margin trading, and favorable growth stock valuations in a low-rate environment. The shares appreciated 1.4% in the regular session and gained 0.9% in the after-hours trading.
The Palantir Trade: Ark Invest’s ARK Innovation ETF fund sold 32,772 shares of Palantir. This move followed the company’s 5th AIPCon, where CEO Alex Karp expressed optimism about Palantir’s inclusion in the S&P 500 Index and the company’s potential for growth. Based on Palantir’s closing price of $36.38 on the same day, the value of the trade is approximately $1.2 million.
Other Key Trades:
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Lower interest rates can do wonders for financial technology companies (Fintech) which strive to improve and automate financial services.
In an ever-evolving technological landscape and business environment, several popular fintech stocks are standing out and should benefit as the Fed decided to cut the central bank's benchmark rate by 50 basis points today.
PayPal’s Resurgence: Payment Solutions Leader
Sporting a Zacks Rank #1 (Strong Buy), PayPal’s PYPL steady growth trajectory has become more believable thanks to the company’s relevancy as one the largest transaction facilitators for customers and merchants.
Posting a sharp rebound this year, PYPL is up nearly +20% in 2024. Analysts have become more bullish on PayPal’s expanding partnerships and innovation with a few collaborations listed below.
1. Fiserv FI partnership- Aimed at streamlining checkout experiences for merchant clients in the U.S.
2. Uber UBER partnership- Multi-year collaboration to capitalize on the ride-sharing giant’s global expansion and scale PayPal into worldwide markets.
3. PayPal has also expanded its partnership with Apple AAPL, creating an integrated payment ecosystem with Apple Pay and its subsidiary Venmo VMEO. Notably, PayPal has enhanced its features for Venmo in regard to services for small business owners.
IBKR & HOOD Stock: Investment Bank Growth
Expanding as electronic market brokers, International Brokers IBKR and Robinhood Markets' HOOD stock both sport a Zacks Rank #2 (Buy).
Increasing in popularity since going public in 2021, Robinhood is expected to post its first profit this year with EPS now expected at $0.76 versus an adjusted loss of -$0.61 a share in 2023. The Fed’s decision to cut rates is perfect timing for Robinhood as the renowned cryptocurrency trading company is expected to be profitable in fiscal 2025 as well.
Pivoting to Interactive Brokers, its bottom line expansion is very enticing with EPS projected to pop 18% in FY24 to $6.81 compared to earnings of $5.75 per share last year. Plus, FY25 EPS is projected to rise another 2%.
More intriguing is that IBKR and HOOD have soared over +50% year to date but still trade at fairly reasonable forward P/E multiples of 19.3X and 29.7X respectively.
Bottom Line
Suggesting more upside in these top fintech stocks is that earnings estimate revisions have remained higher. This trend should continue with the Fed’s much-anticipated decision to cut rates finally upon us.
Zacks Investment Research
Robinhood Markets Inc shares are trading higher by 2.61% to $23.23 Wednesday afternoon after the Federal Reserve cut interest rates by 50 basis points.
Why This Matters: Robinhood, as a commission-free trading platform, benefits directly from increased user engagement and transaction volumes. Higher trading activity can drive revenue from order flow (payments Robinhood receives for routing customer trades).
Robinhood offers margin trading, where users can borrow money to invest. A rate cut reduces the cost of borrowing, making margin accounts more attractive to users. Lower rates can also lead to an increased margin borrowing, boosting revenue from the interest Robinhood charges on these loans.
Read Also: S&P 500, Gold Strike All-Time Highs After Fed Cuts Rates For First Time In 4 Years, Stocks Climb
What Else: Growth stocks, like Robinhood, tend to perform well in a low-interest-rate environment because future cash flows are discounted at a lower rate. Investors might view Robinhood more favorably as lower rates improve the valuation of growth companies, leading to a rise in its stock price.
Robinhood also offers cash management products, like high-yield savings accounts. While these accounts might offer slightly lower yields in a lower-rate environment, Robinhood’s spread between what it earns on customer deposits and what it pays out could remain favorable, potentially increasing its profitability.
Read Also: SEC Approves Major Overhaul Of US Equity Markets, Largest Reform In Two Decades
How To Buy HOOD Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Robinhood Markets’ case, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The crypto market has been struggling to stage a rebound. However, the enthusiasm surrounding rate cuts saw Bitcoin (BTC), the world’s most popular cryptocurrency, surging above $60,000 for the first time since last month.
Several factors have posed headwinds for Bitcoin over the past few months but market experts believe a rate cut will help the cryptocurrency resume its rally. Given this scenario, it would be ideal to adopt the buy-the-dip approach. Four such Bitcoin-centric stocks with upside are Interactive Brokers Group, Inc. IBKR, Robinhood Markets, Inc. HOOD, CME Group Inc.’s CME, BlackRock, Inc. BLK and NVIDIA Corporation NVDA.
Bitcoin Surges on Rate Cut Hopes
On Tuesday, Bitcoin was trading at $60,477.98 after hitting an intra-day high of $61,337. The surge came as the Federal Reserve began its two-day FOMC meeting, with expectations high that a rate cut will be announced on Wednesday.
Bitcoin has been rangebound since April, with even the halving event failing to boost its price. Halving, which typically cuts the reward for mining new Bitcoin blocks by 50% to limit the total supply to 21 million, generally boosts demand and prices. However, Bitcoin's value dropped notably after the recent halving.
In early August, a broader market bloodbath saw Bitcoin’s price fall below $55,000. The cryptocurrency has since been trying to rebound.
Rate Cut to Boost Crypto-Centric Stocks
Soft August jobs data and a marginal rise in monthly inflation have somewhat dampened hopes of a 50-basis point rate cut by the Federal Reserve. The CME FedWatch tool presently shows a 63% possibility of a 25-basis point cut this week, while a 37% probability of a 50-basis point cut.
Bitcoin had a solid 2023 and despite its recent decline, has gained 43% year to date. It hit an all-time high of $73,750 on March 14.
A rate cut is likely to help Bitcoin and other cryptocurrencies. A rate cut of any size bodes well for growth assets like cryptocurrencies as they reduce the opportunity cost of holding assets that don’t provide yields. In a low-interest-rate environment, investors are more inclined to go for assets with higher potential returns, even if they involve greater risk.
Five Crypto-Centric Stocks to Gain
We have narrowed our search to five crypto-oriented stocks that have strong potential for 2024. Each of our picks carries either a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
Interactive Brokers Group, Inc.
Interactive Brokers Group, Inc. is a global automated electronic broker. IBKR executes, processes and trades in cryptocurrencies. IBKR’s commodities futures trading desk also offers customers a chance to trade cryptocurrency futures.
Interactive Brokers Group has an expected earnings growth rate of 18.4% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.7% over the last 60 days. IBKR currently carries a Zacks Rank #2.
Robinhood Markets, Inc.
Robinhood Markets, Inc. operates a financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds, options, gold, and cryptocurrencies. HOOD buys and sells Bitcoin, Ethereum, Dogecoin and other cryptocurrencies using its Robinhood Crypto platform.
Robinhood Markets’ expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings has improved 38.2% over the last 60 days. Robinhood Markets currently carries a Zacks Rank #2.
CME Group Inc.
CME Group Inc.’s options give the buyer of the call/put the right to buy/sell cryptocurrency futures contracts at a specific price at some future date. CME offers Bitcoin and ether options based on the exchange's cash-settled standard and micro-Bitcoin and Ethereum futures contracts.
CME Group’s expected earnings growth rate for the current year is 6.4%. The Zacks Consensus Estimate for current-year earnings has improved 1.5% over the last 60 days. CME presently has a Zacks Rank #3.
BlackRock, Inc.
BlackRock, Inc. is one of the world’s largest investment managers and is publicly owned. BLK was one of the first companies from the traditional market to join the Bitcoin ETF race back in June 2023.
BlackRock’s expected earnings growth rate for the current year is 9.5%. The Zacks Consensus Estimate for current-year earnings has improved 10.3% over the last 60 days. BlackRock currently carries a Zacks Rank #3.
NVIDIA Corporation
NVIDIA Corporation is the worldwide leader in visual computing technologies and the inventor of the graphic processing unit, or GPU. Over the years, NVDA’s focus has evolved from PC graphics to artificial intelligence-based solutions that now support high-performance computing, gaming and virtual reality platforms.
NVIDIA has an expected earnings growth rate of more than 100% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 4.1% over the last 60 days. NVDA presently carries a Zacks Rank #3.
Zacks Investment Research
Paul Frambot, CEO and founder of lending protocol Morpho, believes the future growth of Decentralized Finance (DeFi) is largely dependent on fintech pioneers such as Revolut and Robinhood .
What Happened: In an interview with DL News, Frambot said that the next phase of financial infrastructure development will be driven by the most tech-savvy players in the finance sector. He referred to DeFi as an "artificial casino" where speculation is the primary driver of yields,
Morpho, backed by venture capital firms such as a16z and Ribbit Capital, launched Optimiser in 2021. This software layer is designed to maximize yields. However, since its launch, DeFi's total TVL (invested deposits) has seen a 56% drop, leading to fierce competition for resources among developers and builders.
Frambot believes that leading fintechs like Revolut, Robinhood and eToro, all of which have integrated crypto into their offerings, could be the saving grace for DeFi. He is hopeful that these and other fintechs can boost DeFi’s appeal to mainstream users.
He also pointed out the potential for DeFi in payment processing, where fintechs currently rely on the same outdated “rails” as traditional financial players. Frambot anticipates more fintechs will seek DeFi partnerships in the near future.
https://www.benzinga.com/events/digital-assets/
Also Read: Donald Trump’s Son Barron Is His ‘Chief DeFi Visionary,’ But The Real Mastermind Behind World Liberty Financial Is Someone Else
Why It Matters: Robinhood, in particular, has been making significant strides in the crypto market. The company’s crypto strategy is successful in attracting millennials, leading to a 161% spike in crypto-based transaction revenue.
Robinhood’s efforts in expanding its crypto team, broadening its crypto trading services to the European Union, and acquiring Bitstamp for $200 million could potentially increase its operating income to approximately $900 million in 2024, as per Bernstein analysts.
Furthermore, Robinhood has recently integrated Solana into its Web3 wallet, marking another milestone in the company’s ongoing efforts to expand its digital asset offerings.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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