Up 60% YTD, Robinhood Stock (HOOD) See’s Price Target Raised

Robinhood's stock price (NASDAQ: HOOD) jumped yesterday as earnings, buoyed by cryptocurrency trading, beat on top and bottom lines. The stock has now gained an impressive 61.76% year-to-date, and 376% over the past 12 months.

Analysts continue to see further upside, with JMP Securities raising its price target for Robinhood Markets to $77, up from the previous $60. The firm continues to maintain a Market Outperform rating for the stock. This decision is based on Robinhood's robust performance, with notable expansion into new markets and a promising potential for further innovations.

The company reported significant financial results, showcasing a 35.74% growth in revenue over the last twelve months. Additionally, Robinhood achieved a 60% adjusted EBITDA margin in the fourth quarter, generating $949 million in EBITDA, while maintaining an impressive 86.46% gross profit margin.

Notably, other financial institutions have also increased their stock targets for Robinhood. Barclays raised its target to $76 following strong transaction activity, while KeyBanc Capital Markets set a target of $75 citing strong business momentum. Mizuho Securities incremented its target to $65, driven by a survey indicating high user interest in sports betting, although Robinhood had to suspend its Super Bowl betting feature after a request from the CFTC.

Robinhood has broadened its services by launching options trading for UK customers, signifying its commitment to expanding its market presence. Overall, these developments indicate a positive outlook for Robinhood amidst its expanding service offerings and strategic innovations.