Robinhood Markets Inc. (NASDAQ: HOOD) stock is surging 5.05% in pre-market trading, continuing its upward momentum from the previous week. The financial technology company's shares are attracting investor attention following positive analyst ratings and optimistic price targets.
The pre-market rally comes on the heels of a strong 13.05% gain last week, which was primarily driven by rating upgrades from two prominent investment firms. Compass Point initiated coverage on HOOD stock with a "buy" rating and set a price target of $61, representing a 37.5% upside from its previous closing price. The firm cited Robinhood's potential to generate up to $665 million from cross-selling to existing US customers, including $150 million from staking alone.
Adding to the bullish sentiment, KeyBanc maintained its "overweight" rating on Robinhood and assigned a price target of $75, suggesting a significant 69% upside potential. These positive outlooks from analysts have fueled investor optimism, contributing to the stock's continued rise in pre-market trading. As Robinhood explores new revenue streams and expands its product offerings, investors appear to be betting on the company's growth prospects in the evolving fintech landscape.
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