Robinhood Stock Jumps As Barclays Boosts Price Target Pre-Earnings: Retail Stays On Cloud Nine

Shares of Robinhood Market Inc ($HOOD) rose more than 8% on Tuesday to hit levels last seen in December 2021.

The uptick in Robinhood’s stock comes after Barclay’s revised its price target to $23 from $20. This reflects a positive outlook despite its rating of “Equal Weight,” expecting the brokerage platform to perform at par with its peers, like MarketAxess Holdings (MKTX) and Interactive Brokers (IBKR).

Retail investors also seem excited by Politico’s report of Republican presidential candidate Donald Trump considering Dan Gallager, the Chief Legal Officer at Robinhood, to replace the Securities and Exchange Commision (SEC) Chair Gary Gensler if he wins the election in November.

One retail observer believes the stock can tick even higher “should it stay above $25.”

Retail sentiment for HOOD on Stocktwits remains exuberant, at ‘extremely bullish’ (90/100) as of 12:00 pm ET.

The 153% surge in its stock price over the past year has been backed by an uptick in positive investor sentiment following strong earnings results,, the resurgence of the cryptocurrency market, and the company’s expansion in Europe. 

Investors are closely watching Robinhood as it prepares for several key announcements, including its first-ever ‘Investor Day’ on Dec. 1 and a “legendary announcement” next week, where CEO Vlad Tenev will unveil new trading products. These events come ahead of the company’s earnings report on Oct. 30.

In addition to Barclays, Deutsche Bank, Citi and Piper Sandler have also raised their price targets for Robinhood over the past two weeks. While some are betting on the brokerage platform’s ability to innovate and expand, others are citing improved market conditions, while maintaining caution against softer than expected trading activity in Q3. 

For updates and corrections email newsroom@stocktwits.com

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