Robinhood (HOOD) is getting fresh Wall Street attention after a record-breaking June, and Goldman Sachs just put a bigger number on the stock.
Goldman analyst James Yaro raised his price target to $121 from $108 while keeping a “buy” rating. The upgrade was driven by preliminary June data showing record volumes across event contracts, options, equities, and crypto.
HOOD currently trades around $112.73, putting the Goldman target roughly 7% above current levels.
The record volumes weren’t random. The 2026 FIFA World Cup drove a surge in prediction-market activity through Rothera, Robinhood’s own exchange and clearinghouse. June trading came in at $343 billion in equities, 274 million options contracts, and $14 billion in crypto.
That’s not a one-month fluke either. Chief Brokerage Officer Steve Quirk told the Piper Sandler Global Exchange and Fintech Conference in June that April was Robinhood’s second-highest month ever for equity and options trading, and its best ever for futures and prediction markets.
CEO Vlad Tenev told investors at the June shareholder meeting that Robinhood now has 11 business lines each generating more than $100 million annually. That’s up from a company once built almost entirely on trading commissions.
Prediction markets alone passed $400 million in annualized revenue just 18 months after launch.
A few days before Goldman’s move, BTIG initiated coverage with a “buy” rating and a $125 price target. Analyst Andrew Harte called Robinhood “born to disrupt, built to compound,” forecasting assets could grow more than 20% annually over the next decade.
Out of 19 analysts covering HOOD, 16 rate it a “buy” and three rate it a “hold.” The average price target sits at $105, slightly below where it currently trades.
The fundamentals back up the bullish calls. Q1 2026 revenue hit $1.07 billion, up 15% year over year, with a gross margin of 94%. Operating profit came in at $411 million, a margin above 38%.
Net income landed at $346 million, or $0.38 diluted earnings per share.
Total assets grew to $45.5 billion from $27.5 billion a year earlier. Cash on hand reached just over $5 billion. Retained earnings are still negative at around $1.8 billion, but that has narrowed sharply from -$3.7 billion a year ago.
Operating cash flow swung to positive $2 billion in Q1 after two consecutive negative quarters.
It hasn’t all been smooth. Crypto revenue fell 47% year over year in Q1 as Bitcoin pulled back, dragging HOOD stock down 11% in the first half of 2026. Revenue growth slowed sharply from 50% last year to 15% this year.
But crypto isn’t the whole story anymore. Equities trading revenue rose 46%, Robinhood Gold subscribers grew 36% to 4.3 million, and Robinhood banking grew fivefold sequentially.
HOOD now trades at a P/E of 55 and a price-to-sales ratio of 22. Analysts project revenue rising from $4.47 billion in 2025 to $8 billion by 2029, with adjusted EPS growing from $2.34 to $4.67.
At 30x forward earnings, HOOD could return 25% over three years. At 40x, that number jumps to 67%, per analyst estimates.
The stock is up 45% over the past three months.
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