The surge followed a post on X late Monday by Robinhood CEO Vlad Tenev, who said the firm’s Prediction Markets had surpassed four billion event contracts traded all-time.
Robinhood (HOOD) is reportedly exploring the expansion of its prediction markets product to countries outside the U.S.
According to a report by Bloomberg, Robinhood has been discussing the possibility with overseas regulators like the U.K.’s Financial Conduct Authority. It added that the issue seems to be how these products would be structured since they’re considered futures products in the U.S., but often categorized as gambling in most other regions.
HOOD’s stock hit an intra-day record high of $142.48 in morning trade on Tuesday. At the time of writing, the shares had pared some of their gains, trading at around $139, still up 1.7% for the day. On Stocktwits, retail sentiment around the exchange improved to ‘neutral’ from ‘bearish’ as chatter increased to ‘high’ from ‘low’ levels over the past day.
The surge followed a post on X late Monday by Robinhood CEO Vlad Tenev, who said the firm’s Prediction Markets had surpassed four billion event contracts traded all-time, with more than two billion in the third quarter (Q3) alone. In another post, he seemed to tease other upcoming features, stating, “Shorting on Robinhood. Soon for bears of all sizes.”
Following the post, Needham raised its price target on HOOD’s stock to $145 from $120 with a ‘Buy’ rating, according to TheFly. The firm cited strong month-to-date metrics for September, which showed solid growth across the platform and prompted upward revisions to nearly every Q3 estimate. Needham added that it views Robinhood as the most advanced financial services platform in the race to become a “one-stop shop” for investors.
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