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Robinhood Markets, Inc. (HOOD) Recently Broke Out Above the 20-Day Moving Average
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From a technical perspective, Robinhood Markets, Inc. (HOOD - Free Report) is looking like an interesting pick, as it just reached a key level of support. HOOD recently overtook the 20-day moving average, and this suggests a short-term bullish trend.
The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
Over the past four weeks, HOOD has gained 13.8%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account HOOD's positive earnings estimate revisions. There have been 6 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on HOOD for more gains in the near future.
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Robinhood Markets, Inc. (HOOD) Recently Broke Out Above the 20-Day Moving Average
From a technical perspective, Robinhood Markets, Inc. (HOOD - Free Report) is looking like an interesting pick, as it just reached a key level of support. HOOD recently overtook the 20-day moving average, and this suggests a short-term bullish trend.
The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
Over the past four weeks, HOOD has gained 13.8%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account HOOD's positive earnings estimate revisions. There have been 6 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on HOOD for more gains in the near future.