Shares of Robinhood Markets (HOOD) rose on Tuesday following the announcement of the online trading platform’s first investor day and Barclays’ favorable third-quarter outlook for the brokerage industry.
“Share more about our vision for the next 10+ years and how that can drive customer and shareholder value,” Robinhood stated at its investor day in New York City in December. Investors and analysts will also be able to ask questions of executives.
From $20, Barclays raises its price target to $23.
In a note to clients, Barclays analysts stated that they “see momentum in the business likely to continue given the appealing offers and product set,” and that their price target for Robinhood was increased from $20 to $23.
They predicted that transaction revenues would rise starting in the second quarter and surpass Wall Street estimates by 5%.
In addition, the analysts anticipate that the company’s “HOOD Summit,” which is scheduled for October 16, will see the introduction of brand-new products by CEO Vlad Tenev.
Robinhood shares have nearly doubled since the beginning of the year thanks to today’s gains of roughly 8%.
