Cramer Suggests “Playing With the House’s Money” on Robinhood

Robinhood Markets, Inc. (NASDAQ:HOOD) is one of the stocks Jim Cramer put under the spotlight. A caller asked if they should sell, considering that they are up 800% in the stock. Cramer remarked:

“Alright… you made my life very easy. Here’s what you do: You take out your cost basis, you sell your cost basis tomorrow, and then you can’t lose. You’re playing with the house’s money, my friend, and you’re going to really crush it.”

Photo by Yiorgos Ntrahas on Unsplash

Robinhood (NASDAQ:HOOD) provides a financial platform for investing in stocks, crypto, and other assets, along with tools like margin trading, retirement plans, and joint accounts. The company also offers educational content, digital wallets, spending products, and a global crypto marketplace. During a July episode, Cramer mentioned the company and stated:

“Do I have to describe Robinhood to you? It’s an app. No, it’s a bank. No, it’s a repository of wealth of the millennials, whatever you want to call it. Robinhood has 25 million accounts, and it offers ETFs, options, gold, and crypto. It came out of nowhere. This company was worth $11 billion two years ago. Now it’s $88 billion. Again, incredibly profitable. Out of nowhere, it seems to have captured young people who would otherwise not bother to invest. You know what I say? Hallelujah.”

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Disclosure: None. This article is originally published at Insider Monkey.