Wall Street Analysts Lift Robinhood Stock Price Target to $142, HOOD Stock Soars

The Robinhood stock (HOOD) price has past the $125 mark in pre-market trading hours today, with analysts remaining bullish on further upside. For context, Wall Street firms Goldman Sachs and Jefferies have recently lifted their price targets for online brokerage firm’s stock, highlighting the strong business momentum of Robinhood.

Besides, the firm has also struck a new deal with Crypto.com in its prediction market push. So, with the US Football season in focus, it appears that the crypto stock is gearing up for more upside move ahead.

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Analyst Sets Robinhood Stock Price Target at $142

The Robinhood stock price was up nearly 3.2% at the time of writing and traded at $126 in the pre-market trading session today. The stock closed at $122.11 on Friday, September 4, with a slump of 2.09%, which was primarily caused by a selloff in the broader crypto stocks sector.

Meanwhile, the surge follows bullish outlooks from Wall Street financial firms Goldman Sachs and Jefferies. For context, Jefferies has recently raised its price target for HOOD stock from $127 to $140, while maintaining its “buy” rating for the shares.

Jefferies analyst Daniel Fannon has provided the upward revision following a management meeting with Robinhood CFO Shiv Verma. Notably, the analyst has highlighted robust core metrics, including strong net deposits, rising gold subscriber adoption, and the rollout of new products as the primary catalysts behind the anticipated growth.

Simultaneously, Goldman Sachs has also lifted the price target for Robinhood stock from $124 to $142. Besides, the analyst has also kept its “buy” rating for HOOD stock, suggesting its long-term confidence in the asset.

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Prediction Market Push in Focus

The recent optimism around the HOOD stock price could also be attributed to the aggressive push of Robinhood into the prediction markets sector. For context, the firm has recently came into a deal with Crypto.com to expand its offerings into the prediction market, the Wall Street Journal reported.

The partnership would allow the online brokerage firm to feature the crypto exchange’s yes-or-no event contracts directly on its trading app. Meanwhile, as part of the broad strategic agreement, Robinhood acquired minority equity stakes in both Crypto.com and its prediction-markets unit, OG.com, which was recently spun off into an independent company.

A flurry of market experts have lauded the deal, while Robinhood Chain has continued to gain traction from traders. The Robinhood Chain has a total value locked (TVL) of around over $900 million, DeFiLlama data showed.

Besides, with the US Football season excitement, many experts believe that Robinhood might see increased activity in the betting market. It’s worth noting that recently Morgan Stanley has also raised its price target for Robinhood stock to $150, which has caught the eyes of traders.

Meanwhile, traders looking to participate in legal event contracts within the United States can review the best regulated prediction markets US to ensure compliance with CFTC guidelines.