Robinhood Markets Inc. (HOOD) shares rose 1.5% in overnight trading late Tuesday, as investors anticipate the company's third-quarter earnings report scheduled for October 27. JPMorgan has raised its price target for Robinhood from $103 to $115 while maintaining a 'Neutral' rating.
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Rosenblatt has initiated coverage of Robinhood, giving it a 'Buy' rating with a price target of $135, suggesting a potential upside of over 37% from the stock's recent close. The analyst noted that Robinhood has transitioned from a commission-free trading app to a comprehensive financial platform, which he believes the market underappreciates.
At the HOOD Summit in September, Robinhood unveiled several new features, including 24/7 U.S. stock trading, AI trading agents, and trading on specific corporate earnings metrics through prediction markets. The firm's equity notional trading volume reached approximately $267 billion through September 24, with around 234 million options contracts traded. In the area of cryptocurrencies, Robinhood's notional trading volume was about $17 billion.
Retail sentiment for HOOD stock has shifted on Stocktwits from 'neutral' to 'bullish' in the past 24 hours, attributed to normal message activity. Users expressed confidence in the company's potential, with comments highlighting its position among brokerages and potential to significantly impact wealth.