Robinhood Markets (HOOD) received a minor price target update today from five-star Deutsche Bank analyst Brian Bedell. The analyst increased the firm’s price target for HOOD stock by $1, bumping it up to $62 per share. This represents a potential 36% upside for the stock trading platform operator’s shares.
Bedell also reiterated a Buy rating for HOOD stock when he updated his price target. The analyst was impressed by Robinhood Markets’ product plans after meeting with Chief Financial Officer Jason Warnick. He highlighted the company’s plans for offers that better appeal to active traders and its desire to become a more “comprehensive platform for prediction markets.”
What This Means for HOOD Stock
While Robinhood Markets has a checkered past, it remains a popular platform for retail traders. The exchange allows for quick trading of stocks, offering several benefits for traders just getting into the game. This attracted new and experienced investors to the platform, carving out its place in the stock exchange sector.
HOOD stock has also risen 22.3% year-to-date despite the stock market suffering under the effects of economic uncertainty. Investors will also note that the shares are up 127.74% over the past 52 weeks. However, HOOD shares dropped 5.19% on Wednesday. That drop follows news of a probe into the company over its prediction offerings.
Is HOOD Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Robinhood Markets is Moderate Buy based on 14 Buy and five Hold ratings over the last three months. With that comes an average price target of $70.94, a high of $105, and a low of $45. This represents a potential 55.33% upside for HOOD stock.
