:max_bytes(150000):strip_icc()/GettyImages-2156393555-173cf57227e2458ead6569b1a2073e16.jpg "Robinhood Stock Soars on Investor Day News, Barclays Note")
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Key Takeaways
- Robinhood Markets announced it would hold its first investor day on Dec. 4.
- Barclays raised its price target on the stock as the analysts see momentum in the business likely to continue.
- Shares of Robinhood have almost doubled in 2024.
Robinhood Markets (HOOD) shares jumped Tuesday after the online trading platform announced its first investor day, and Barclays gave a positive view of the company in its third-quarter outlook for the brokerage industry.
Robinhood said the investor day would be held on Dec. in New York City, where the company will “share more about our vision for the next 10+ years and how that can drive customer and shareholder value.” Executives will also take questions from investors and analysts.
Barclays Raises Price Target To $23 From $20
Barclays raised its price target for Robinhood to $23 from $20, with its analysts writing in a note to clients that they “see momentum in the business likely to continue given the appealing offers and product set.”
They said transaction revenues should grow from the second quarter, and could come in 5% ahead of Wall Street estimates.
The analysts added that they expect Chief Executive Officer (CEO) Vlad Tenev to unveil new products at the company’s “HOOD Summit” scheduled for Oct. 16.
With today’s roughly 8% gains, shares of Robinhood have nearly doubled year-to-date.
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