Robinhood's Chief Brokerage Officer, Steve Quirk, reported that the company's customers have been strongly buying the dip amid increasing market risks. Analysts note that buy-the-dip retail investors are becoming bolder despite these risks. Robinhood is also developing a referral program to connect wealth advisors with customers and is exploring the creation of its own event contract platform, leveraging the current high volatility environment with the VIX at 60. Additionally, Robinhood has over 3 million people on its credit card waitlist, a substantial increase from its approximately 200,000 current credit card holders generating around $40 million in revenue. This credit card waitlist represents a significant growth opportunity for the company. Meanwhile, Goldman Sachs reiterated its buy rating on Robinhood, raising the price target from $72 to $81 per share, citing positive recent monthly data and constructive outlook on the company's structural growth and the retail trading environment. Retail investors continue to dominate the market, maintaining a bullish stance as reflected in the strong dip buying activity.
BREAKING: ROBINHOOD SAYS — RETAIL IS “STRONGLY” BUYING THE DIP 👀 $SPY Investors are bullish ! https://t.co/Qx9uuUwVfg
$HOOD Goldman Sachs reiterates Robinhood as buy Goldman raised its price target on the stock to $81 per share from $72. “We view the recent monthly data for HOOD positively, and remain constructive on the structural growth of the business and the retail trading backdrop.”
We’re talking with the Robinhood’s $HOOD Chief Brokerage Officer Steve Quirk https://t.co/xGQMY7YSfY