Key facts
- Robinhood stock price increased by over 3% in pre-market trading.
- Jefferies raised its price target for HOOD stock to $140.
- Goldman Sachs increased its price target for HOOD stock to $142.
- Robinhood partnered with Crypto.com to offer event contracts on its app.
- Robinhood acquired minority stakes in Crypto.com and its prediction-markets unit, OG.com.
Robinhood's stock price surged over 3% in pre-market trading, reaching $126, as Wall Street analysts from Goldman Sachs and Jefferies revised their price targets upward. Jefferies increased its target to $140 from $127, citing strong core metrics like net deposits and subscriber growth, while Goldman Sachs raised its target to $142 from $124. Both firms maintained their 'buy' ratings.
The optimism is also fueled by Robinhood's strategic expansion into prediction markets through a new deal with Crypto.com. This partnership will integrate Crypto.com's event contracts directly onto Robinhood's trading app. As part of the agreement, Robinhood acquired minority stakes in Crypto.com and its recently spun-off prediction-markets unit, OG.com.
Analysts anticipate increased activity in the prediction market, especially with the US Football season underway. Morgan Stanley also recently raised its price target for Robinhood to $150.