Is Robinhood Stock (HOOD) Still a Buy After Surging to Record Highs? Analysts Say Yes

Business Insider

a day ago

Robinhood Markets Inc. (HOOD) has soared to fresh all-time highs, driven by the company's recent product launches. Year-to-date, HOOD stock has climbed nearly 150%, reflecting growing investor confidence in its evolving business model. However, following this sharp rally, some investors are questioning whether the stock is still a buy. According to several top Wall Street analysts, the answer is yes.
Don't Miss TipRanks' Half-Year Sale
Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
What's Behind the Recent Surge?
At a high-profile event this Monday, Robinhood introduced a series of new digital products, including tokenized stocks and ETFs, crypto perpetual futures, and staking services targeted at both U.S. and European markets. The announcement sent shares soaring, with the stock closing up 13% on the day.
CEO Vlad Tenev said the launch is an important step in making Wall Street more accessible to people around the world, especially as interest in U.S. tech and AI stocks continues to grow.
Top Analysts Hike Price Targets on HOOD Stock
Analysts responded quickly, with several reports praising Robinhood's fast global growth and launch of new products.
For instance, Cantor Fitzgerald's four-star-rated analyst Brett Knoblauch raised his price target on HOOD stock from $89 to $100 while keeping a Buy rating. He stated that the key takeaway from the recent event is that Robinhood is diving deeper into crypto, with new product launches expected to boost future revenue and profits. He added that Robinhood remains a must-own stock in the sector. The price target increase reflects stronger confidence in the company's growth plans and the value of its expanding product lineup.
Similarly, KeyBanc's top-rated analyst, Alex Markgraff, lifted his price target from $60 to $110, implying a growth rate of 19% from the current level. Markgraff highlighted the launch of tokenized U.S. stocks for users in the EU, along with expanded crypto trading both in terms of geography and product variety. The firm noted that Robinhood demonstrated strong momentum in product development and expanded its range and depth of offerings at its first-ever crypto user event.
Meanwhile, Barclays significantly raised its price target on Robinhood from $10 to $57. The firm highlighted Robinhood's strong focus on user experience, rapid product development, and low-cost structure as key standouts at the event.
Is HOOD a Good Stock to Buy?
According to TipRanks' consensus, HOOD stock has a Moderate Buy rating, based on 14 Buys, five Holds, and one Sell assigned in the last three months. The Robinhood Markets share price target of $74.16 implies a 19.7% downside over current trading levels.