Robinhood’s share price gains widened to 12.3% in early US trading, hitting a new high since January this year.
2 hours ago
According to BIT (bit.com) market data, U.S. stock Robinhood (HOOD) saw its early-session gain widen to 12.3%, with its share price breaking above $120, hitting a new high since January this year. Robinhood’s recent sharp rally is primarily driven by three concurrent positive catalysts: a surge in on-chain transactions, multiple Wall Street firms upgrading their ratings, and a massive jump in forecasted revenue. Robinhood Chain has been particularly active on-chain: on September 1, its network revenue exceeded $3.8 million, accounting for roughly 38% of the day’s total network revenue. The chain processed 5.52 million transactions in a single day, generating $2.66 million in application revenue, a record high since its launch. Separately, Wall Street institutions including Morgan Stanley and Piper Sandler have upgraded Robinhood’s ratings and target prices. Forecasted revenue for its prediction market segment surged over tenfold year-over-year to $156 million in Q2.
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