Robinhood Stock Soars as Bernstein Projects $23B Valuation
Highlights
- Robinhood stock soared 4.7% in the last 24 hours.
- This comes after the bullish report by wealth management firm Bernstein.
- The company’s market capitalization will hit $23 billion next year.
After a Bernstein report that projects massive growth, Robinhood stock has surged over 4%. This is due to its foray into the crypto market attracting young users billed to push the platform’s overall market capitalization. HOOD price has recorded a massive 66% year-to-date growth drawing the attention of bulls and crypto users.
Bernstein Makes Bullish Robinhood Prediction
Private wealth management company Bernstein has projected Robinhood’s operating income to soar to about $900 million this year. Analysts at the firm wrote that the company is expected to notch revenues hitting $3.4 billion next year with its market capitalization soaring between $19 billion and $23 billion.
This comes on the back of the firm’s cryptocurrency investments in recent months. The firm’s crypto foray has led to a massive jump in revenues with recent announcements signaling growth. In Q2 2024, the firm’s crypto-based revenue spiked to $81 million, a 161% rise year-on-year. In June, the company announced plans to acquire Bitstamp for $200 million to integrate its crypto exchange into Robinhood to tap retail and institutional clients in Asia, the EU, the US, and the UK.
“Acquiring a global exchange will significantly accelerate Robinhood Crypto’s expansion worldwide. Bitstamp holds over 50 active licenses and registrations globally and will bring in customers across the EU, UK, US, and Asia to Robinhood.”
The company has seen other crypto developments in recent weeks. Robinhood reached a settlement with California authorities and also made a push to expand its services to the UK. Although its stock fell at the time due to the prevailing negative sentiment, analysts tipped wider growth.
HOOD Price Soars
Robinhood price has moved up 4.77% today taking weekly inflows above 8% as bulls ramp up activities. The stock continues on an upward trajectory after it agreed to purchase the $600 million stake owned by former FTX CEO Sam Bankman-Fried. The Bernstein report also shows younger people investing in the company as its services become appealing to the demographic.
According to the report, about 60% of the firm’s assets are purchased by users under 43. This year, HOOD price continues to rally the market in an impressive fashion. The stock is up 66% year-to-date with wider bullish projections for coming quarters.
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