Jim Cramer on RobinHood: “It’s Been a Juggernaut Over the Past Few Years”

Robinhood Markets, Inc. (NASDAQ:HOOD) is one of the stocks Jim Cramer talked about. Cramer said that the company is “miles ahead of the competition.” He commented:

“It’s been a juggernaut over the past few years. I am constantly impressed by their ability to expand into new categories… Robinhood has always planned to become a full financial services platform for the younger generation. So far, it’s pulling it off in spectacular fashion. I bet everybody’s jealous all over Wall Street about this one… These guys are miles ahead of the competition. Young people love that. In the end, what keeps me bullish on Robinhood despite this remarkable run is that we’re witnessing a gradual transfer of wealth from my baby boomer generation to our kids and grandkids. By some estimates, over $100 trillion will be transferred over the next couple of decades, and I figure Robinhood’s a major winner… There’ll be profit-taking in the near future once this stock’s added to the S&P, especially since Robinhood now sells for over 70 times next year’s earnings. That’s expensive. But I view any weakness as a rare buying opportunity. Do you know, I was going to actually push it really hard right here. I said it’s probably going to break it because it had a bad head and shoulders pattern, but the pattern meant nothing. It just took right off. Good for them.”

Photo by Adam Nowakowski on Unsplash

Robinhood Markets, Inc. (NASDAQ:HOOD) provides a financial platform where users can trade stocks, ETFs, options, gold, and cryptocurrencies, along with features like fractional trading, recurring investments, and margin access.

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