Robinhood Stock Hits All-Time Highs Wednesday: What's Going On?

Robinhood Markets Inc HOOD shares hit new all-time highs on Wednesday. Here’s a look at what’s been driving the momentum.

What To Know: Robinhood shares have rallied more than 8.5% over the past week, buoyed by positive analyst coverage in recent days.

JMP Securities analyst Devin Ryan maintained Robinhood with a Market Outperform rating on Monday and raised the price target from $70 to $125. On Tuesday, Morgan Stanley maintained an Equal-Weight rating and significantly lifted its target from $43 to $110. Piper Sandler also maintained an Overweight rating and raised its price target from $70 to $110.

The sizable price target increases come as Robinhood shares have more than doubled since the company last reported quarterly results. Robinhood is due to report second-quarter earnings at the end of the month. Analysts are forecasting earnings of 30 cents per share and revenue of $898.95 million, according to estimates from Benzinga Pro.

Robinhood reports operating metrics on a monthly basis. The company said last month that total platform assets climbed 10% in May to $255 billion, up 89% on a year-over-year basis. Funded customers grew to 25.9 million at the end of the month, up about 5,000 from April and up 1.8 million from May 2024.

Robinhood also provided an update for June at the end of last month. The company said equity notional trading volumes totaled $142 billion from June 1 to June 24. Options contracts traded were approximately 132 million for the period and crypto notional trading volumes were approximately $7 billion.

The recent momentum in broader crypto markets has likely contributed to some of the optimism surrounding Robinhood stock. Robinhood announced staking services for Ethereum and Solana last week as the company continues to expand its crypto offerings.

Robinhood is also thought to be a potential candidate for potential S&P 500 inclusion. Despite trading lower multiple times this month after other companies were added to the index, the stock continues to power to new highs.

Robinhood stock has a strong momentum score of 98.57, according to Benzinga Edge rankings data.

HOOD Price Action: Robinhood shares hit all-time highs of $104.16 in Wednesday’s session before pulling back a bit. The stock was up 3.35% at $102.87 at the time of publication, according to Benzinga Pro.

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