Robinhood Markets (HOOD) shares traded more than 12% higher ahead of Thursday’s opening bell after the 澳洲幸运5官方开奖结果体彩网:app-based commiss✨ion-free brokerage reported a surge in February trading volume as retail traders flocked to the markets to capitalize on surging 澳洲幸运5官方开奖结果体彩网:technology stocks and rapidly rising 澳洲幸运5官方开奖结果体彩网:cryptocurrency prices.

The online brokerage firm synonymous with the pandemic-era 澳洲幸运5官方开奖结果体彩网:meme stock frenzy reported $80.9 billion in equity trading volume during February, representing a 36% increase from January and 41% rise from February of 2023. Options 澳洲幸运5官方开奖结果体彩网:contracts traded in the period rose 12% from January and 33% versus the year-ago month to $119.1 million, while cryptocurrency volume last month totaled $6.5 billion, representing a 10% improvement from January and 86% rise from February of 2023.

Meanwhile, the company’s total net assets under custody for the month swelled 16% from January to $118.7 billion. Net deposits in the period decreased $200 million from the prior month to $3.6 billion but were up from $1.5 billion in February 2023.

Robinhood’s jump in February trading volume coincided with a bullish period for 澳洲幸运5官方开奖结果体彩网:Magnificent Seven technology stocks and leading cryptocurrencies that propelled the 澳洲幸运5官方开奖结果体彩网:Nasdaq 100 Index to a record high and saw Bitcoin close out the month with a gain of more than 40%. 澳洲幸运5官方开奖结果体彩网:Artificial intelligence (AI)-fueled corporate earnings and significant inflows into recently approved 澳洲幸运5官方开奖结果体彩网𒁃:spot Bitcoin exchangဣe-traded funds (ETFs) drove market sentiment over the period.

The brokerage, which primarily attracts millennial and 澳洲幸运5官方开奖结果体彩网:Generation Z (Gen Z) customers, beಞlieves it’s well positioned to ca෴pitalize on opportunities serving a younger demographic.

“I think over the next 10 years, you see the retail trader really come into their own on the strength of increased earnings power, 澳洲幸运5官方开奖结果体彩网:wealth transfer, and I think that Robinhood is incredibly well-positioned to serve those customers as they continue to grow,” Robinhood’s chief financial officer (CFO) Jason Warnick told investors earlier this month at a JMP Securities conference.

Robinhood shares broke above a 15-month 澳洲幸运5官方开奖结果体彩网:trading range in mid-February on above-average volume, indicating buyer conviction behind the move. More recently, the price has coiled within a pennant — a chart pattern that signals a 澳洲幸运5官方开奖结果体彩网:continuation of the current uptrend. Upon Thursday’s expected earnings-driven breakout above the pennant, monitor if the stock can maintain its strong moment💝um by making higher highs and higher lows.

Shares were up 12.5% at $19.30 about three hours before the opening bell. Through Wednesday's close, the stock had gained nearly 90% over the past year.

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