Analyst Ali Martinez predicts a rebound in Robinhood stock price, suggesting it could reach $112 if bulls maintain control and keep the price above $106. This prediction comes amidst an analyst-driven shift in sentiment surrounding the company’s stock price, with Cathie Wood’s Ark Invest continuing to buy HOOD shares at dips while selling other crypto stocks. The optimistic outlook is supported by several analysts who have raised their price targets for the company, including Bernstein, which now expects HOOD to reach $160, despite recent declines in the broader crypto market.
This optimism stems from Robinhood’s strong second-quarter earnings report, with revenue increasing 45%, net income soaring 105%, and earnings per share jumping over 65%. The stock has also experienced an upward momentum, gaining more than 186% year-to-date (YTD), compared to the substantial drops in other crypto stocks like Coinbase (COIN) and Strategy (MSTR).
Despite some profit booking affecting overall market sentiment, Robinhood’s stock held strong during the recent crypto market downturn. Analyst Ali Martinez highlights this resilience, noting that Robinhood stock has shown a consistent upward trend despite the drop in the broader crypto sector.
ARK Innovation ETF (ARKK) is particularly bullish on Robinhood, buying HOOD shares at dips while selling other crypto stocks. This follows a series of strategic moves by Robinhood, including expanding its partnerships to list new crypto assets like SUI, ONDO, and FLOKI, offering rewards and tools for investors, and boosting user base.
Trading volume remains cautious despite this rebound, indicating uncertainty in the market amid broader volatility in the Bitcoin price. While a recent crash has caused prices to drop from $124K to $112K, traders are watching closely as experts predict potential market crashes due to factors such as strong US inflation and expected rate cuts by the Federal Reserve.
Despite this uncertainty, Robinhood’s momentum suggests it could be poised for further recovery.