Robinhood Markets has been gaining significant attention from investors and analysts alike as its stock price climbs and its cryptocurrency business expands.
Investors and analysts are swarming into shares of Robinhood Markets (NASDAQ:HOOD) as the stock price climbs and its cryptocurrency business expands.
What Happened: Shares of the popular trading platform rose 3.7% during mid-day trading on Wednesday, reaching $40.67. The stock closed on Tuesday at $39.24.
Shares of Robinhood are up more than 30% year-to-date.
Why It’s Important: Several analysts have been weighing in on Robinhood’s stock and products.
Compass Point analyst Robert Maецноровિનsી Point recently initiated coverage of Robinhood with a Buy rating and set a price target of $61, presenting potential upside of nearly 50% from current levels.
The investment bank highlighted several growth opportunities for Robinhood in its research note. Analysts estimated that the company could generate $665 million from cross-selling to existing U.S. customers, including $150 million from cryptocurrency staking services alone.
“We estimate fully exploiting these opportunities would take at least 3-5 years, and could generate incremental EBIT of $0.8 billion, at a 20% margin, to reach a $1 billion revenue run-rate.”
JPMorgan Chase (NYSE:JPM) analyst
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