Robinhood Markets Inc (NASDAQ:HOOD) shares are hitting new all-time highs on Thursday following positive analyst coverage from BofA Securities.
What To Know: BofA Securities analyst Craig Siegenthaler maintained Robinhood with a Buy rating on Thursday and raised the price target from $139 to $157.
The price target increase comes a day after Morgan Stanley maintained an Equal-Weight rating and lifted its target from $110 to $146.
The BofA target of $157 represents the Street-high price target for Robinhood, while the consensus price target sits at $109.57 based on 23 analyst ratings. Recent coverage from BofA, Morgan Stanley and Goldman Sachs averaged a $151.67 price target, implying 5.4% upside from current levels.
Robinhood announced this week that it will report third-quarter financial results on Nov. 5. Analysts expect the company to report earnings of 48 cents per share and revenue of $1.17 billion, according to Benzinga Pro.
The company reports operating metrics monthly, with recent data showing Assets Under Custody (AUC) reaching all-time highs driven by substantial net deposits and rising valuations. Trading activity remained robust with strong year-over-year increases in equity volumes and surging crypto activity. The Gold subscription service also showed strong growth with substantial quarter-over-quarter subscriber additions.
Bulls point to impressive asset growth and expanding service offerings as key drivers, while the company benefits from a favorable regulatory environment for cryptocurrencies. Bears remain concerned about potential declines in trading volumes and regulatory challenges around payment for order flow.
Robinhood has a strong momentum score of 98.97, according to Benzinga Edge Rankings. Adding to the momentum this week, CEO Vlad Tenev pointed to the recent success of event contracts, with over four billion traded to date. The Robinhood CEO noted that trading volumes crossed two billion contracts in the third quarter alone.
Tenev also emphasized the company’s international expansion plans, particularly around asset tokenization and prediction markets. Tenev told Bloomberg that tokenization could significantly expand the addressable market, with greater adoption expected initially outside the U.S. The company is also exploring expanding its event contracts product to other countries.
HOOD Price Action: Robinhood shares were up 3.95% at $144.64 at the time of publication on Thursday, according to Benzinga Pro.
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