Robinhood (HOOD) stock is advancing for a second straight day, climbing 9.5% today. HOOD’s platform allows investors to buy and sell many types of assets.
Bernstein Identified HOOD as a “Best Idea”
Wealth management firm Bernstein yesterday picked Robinhood as its “best idea” in the digital assets category. According to the firm, HOOD’s crypto business will be boosted by the Trump administration’s less onerous regulations.
Consequently, Bernstein expects HOOD to be able to “list more tokens and capture a larger share of the spot crypto trading market.” As a result, the company should be able to obtain revenue from more sources in the crypto space, Bernstein believes.
The wealth management firm kept an Outperform rating and a $51 price target on the name.
More Information About HOOD
On Jan. 7, JPMorgan upgraded HOOD to Neutral from Underweight. The bank expects trading platforms to benefit from higher interest rates and retail traders’ elevated enthusiasm level.
Of the 17 Street analysts who have released notes about HOOD in the last 90 days, 12 have had Strong Buy or Buy ratings on the name.
The Price Action of HOOD Stock
In the last month, the shares have climbed 23%, while they have soared 70% in the last three months.
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This article is originally published at Insider Monkey.
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