Compass Point Initiates Coverage of Robinhood with Buy Rating, $61 Price Target; 2.4 Million Futures Contracts Traded

Compass Point has initiated coverage of Robinhood Markets, Inc. (ticker: $HOOD) with a 'Buy' rating and a price target of $61. The firm noted that Robinhood is well-positioned in the cryptocurrency market and anticipates an increase in average revenue per user (ARPU) from its 12 million crypto users, alongside improving regulatory conditions in the U.S. Additionally, Robinhood reported that since the introduction of futures trading last month, 2.4 million futures contracts have been traded on its platform. The company emphasizes its commitment to providing 24/5 trading services across equities, crypto, and futures, positioning itself as a key player in navigating market volatility.