Robinhood Stock Soared Over 20% This Week -- Here's Why
Shares of Robinhood Markets (NASDAQ: HOOD) soared over 20% this week, according to data from S&P Global Market Intelligence. The retail brokerage that pioneered free stock trading got an analyst upgrade and saw a benefit from sentiment around the return of retail day traders. As of this writing, the fintech disruptor is up 62% year to date (YTD).
Here's why Robinhood stock shot up higher this week.
Today, Bank of America upgraded its price target on Robinhood from $14 to $24 a share, a huge boost for the fast-growing company. Robinhood is currently at around $20 a share. After Robinhood released its first-quarter earnings, the bank now thinks the company is getting some momentum with the potential return of retail trading activity that can drive revenue growth. It is also seeing a profit inflection with higher margins. The company is making gains from cryptocurrency trading as well.
Source Fool.com
