Robinhood (HOOD) Stock Surges 3% as Morgan Stanley & Barclays Raise Price Targets
Highlights
- Morgan Stanley reiterated ‘buy’ rating on Robinhood Markets and raised price target to $124.
- Barclays also lifts price target to $122 amid the platform's growth and trading volumes.
- HOOD stock jumps more than 3% to $118.60 in premarket on Friday.
Morgan Stanley and Barclays turned bullish on Robinhood Markets’ growth prospects and shared buy recommendations with investors. As a result, HOOD stock price jumped more than 3% in premarket trading on Friday.
Robinhood Markets Gets Buy Suggestion from Morgan Stanley and Barclays
Wall Street giant Morgan Stanley has reiterated its ‘buy’ rating on Robinhood Markets on July 10. The firm also raised its price target by more than 30%, from $95 to $124.
Meanwhile, Barclays analyst Benjamin Budish reiterated a buy rating on Robinhood as the platform continues to expand from a retail broker into a worldwide DeFi and AI-powered trading platform.
Barclays also significantly lifted its price target to $122, up from an earlier $82 price target. The Wall Street analyst noted strong ongoing momentum for Robinhood’s platform and trading volumes.
The upgrades come shortly after other firms including Goldman Sachs, Mizuho, and BTIG raised their targets on Robinhood recently. They kept 12-month price targets between $121-$130 range.
AS CoinGape reported earlier today, Robinhood Chain has surpassed Hyperliquid in 24-hour DEX volume, with TVL reaching $100 million in just a few days. CEO Vlad Tenev’s comments related to gas fees waiver and meme coins sparked massive hype.
HOOD Stock Opens Higher Today
Robinhood stock has rallied almost 40% over the past month and 80% in the last few months. The stock closed 1.39% higher at 115.11 on Thursday. However, trading volume has remained below the average of 32 million.
HOOD stock has surged 3% in premarket trading hours today, set to open above $118.50. The constant rise in the stock comes amid developments including Layer-2 Robinhood Chain for RWA, DeFi and meme coins, partnership with Trump Accounts, and record volume amid the FIFA World Cup and SpaceX (SPCX) IPO.
Meanwhile, Robinhood Chain-based meme coin Cash Cat (CASHCAT) price has skyrocketed more than 1000% in just the last 3 days. The meme coin has jumped nearly 80% in the past 24 hours, currently trading at $0.172. To successfully trade rapidly emerging assets like Cash Cat, users should review the best exchanges for meme coins to secure low transaction fees and high liquidity.
Upside momentum in Bitcoin price could support further rise in HOOD shares and crypto stocks. Bitcoin has soared more than 3% to $64,556 today, with a rebound in trading volume following crypto options expiry.
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