Robinhood stock pulled higher thanks to GameStop and AMC

Robinhood Markets (NASDAQ:HOOD) was another stock pulled higher by the retail trading frenzy that’s pushed GameStop and AMC to soar in price.

The company, which operates the popular smartphone stock trading app, saw its own share rise as much as 10% in Tuesday’s early dealing.

Changing hands at $17.97 by around midday in New York, Robinhood is up 6.3%.

Surging trading activity on the app, due to GameStop and AMC trading, would be expected to boost the firm’s current performance thanks to the uptick in deal volumes across the platform.

Robinhood last week reported quarterly financials which were boosted by a resurgence in Bitcoin trading.

It reported record quarterly revenue of $618 million, with crypto trading accounting for some $126 million of the tally. Net income amounted to $157 million for the quarter, versus a $511 million loss for the same period a year ago. On a per share basis, it equated to 18 cents.

This saw the company comfortably beat Wall Street forecasts for the quarter, which were pitched at $549 million for group revenue and just 6 cents per share earnings.