- Citigroup, Piper Sandler, and Mizuho raised their price targets for Robinhood (HOOD) stock after a large share price increase this year.
- New price targets range from $135 to $145, with Mizuho holding the highest outlook for the stock.
- Analysts link higher stock targets to strong trading activity, added revenue from sports betting, and partnerships fueling growth.
- Robinhood reported second-quarter revenue of $989 million, a 45% year-over-year increase, boosted by trading volumes and new products.
- Analysts expect continued momentum, with many suggesting Robinhood’s stock could rise further after Q3 results are released on October 29.
Citigroup, Piper Sandler, and Mizuho have all raised their price targets for Robinhood (HOOD) stock, driven by strong trading activity and improved financial performance. Robinhood shares have climbed over 220% so far this year, reaching $121.78 as of the latest report.
On September 23, Citigroup increased its price target for HOOD to $135, up from $120, while keeping a Neutral rating. Mizuho kept the highest price target of $145, suggesting potential for more gains. Piper Sandler raised its target to $140 and maintained an Overweight rating, citing growth in sports betting revenue and partnerships.
Analyst Patrick Moley from Piper Sandler highlighted that prediction markets and sports betting have brought in around $200 million in revenue. He also noted that Kalshi, a contract exchange partnered with Robinhood Markets, is seeing record trading volumes in September, which could add to upcoming revenues.
The broader U.S. stock market has rallied after a Federal Reserve interest rate cut, with the S&P 500 trending higher and Robinhood among its top performers. Robinhood reported second-quarter revenue of $989 million, marking a 45% increase year-over-year. The firm’s adjusted EBITDA margin reached 56%, and earnings per share doubled. Management pointed to strong momentum into the third quarter, citing $6 billion in July net deposits and reaffirmed profitability goals for 2025.
Most analysts remain optimistic about Robinhood’s outlook ahead of its third-quarter earnings on October 29, with some expecting the stock could see further gains if performance continues as projected.
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