Robinhood Markets (HOOD) Stock Price Set for a Rebound: Analyst

Key Insights:

• Robinhood stock can recover to $112 if bulls gain control and hold the price above $106, predicted analyst Ali Martinez.
• Cathie Wood’s Ark Invest funds keep buying HOOD as Cantor Fitzgerald, Barclays, and Bernstein raised the price target.
• Bitcoin price fall and uncertainty in the crypto market could impact Robinhood’s stock price rally.

Robinhood stock showed strength while other crypto stocks tumbled amid the unfortunate profit booking that plunged the broader crypto market sentiment.

HOOD stock could find a recovery path if bulls hold the price above $106 mark, according to an analysis by a popular analyst.

Bernstein also raised its price target to $160 from $105, while keeping its ‘buy’ rating earlier this week.

Robinhood Stock Can Rebound to $112, Analyst Says

Commission-fee trading platform Robinhood Markets’ stock becomes one of the most traded after the impressive Q2 earnings. Revenue increased 45%, net income skyrocketed 105%, and earnings per share jumped more than 65%.

The stock has continued its upside momentum, up 4% in a month and more than 186% year-to-date (YTD). Meanwhile, leading crypto stocks such as Coinbase (COIN) and Strategy (MSTR) have tumbled nearly 28% and 20% in a month, respectively.

HOOD price saw a pullback during the crypto market crash, but traders saw an opportunity to buy the dip.

In an X post on August 21, analyst Ali Martinez predicted a rebound in Robinhood stock above $112. This would happen if bulls gain control and hold the price above $106.

In the hourly timeframe, HOOD stock has retested support above at $107 level and rebounded to $118 three times this month. The $106 level now acts as a strong support, preventing a likely fall below $100.

Cathie Wood’s Ark Invest Bullish on Robinhood Stock

Cathie Wood’s Ark Invest funds are buying Robinhood stock at dips, while selling Coinbase and other crypto stocks.

ARK Innovation ETF (ARKK) purchased 150,908 HOOD shares worth $16.2 million on Tuesday. Also, ARKK acquired 123,336 HOOD shares worth more than $14 million on Monday.

It happened as Cantor Fitzgerald, Barclays, and Bernstein raised the price target for Robinhood stock. Bernstein has the most bullish recommendations, with $160 as the stock price target.

Robinhood Markets expanded its partnerships, listed new crypto assets for trading, including SUI, ONDO, and FLOKI, and offered rewards and tools for investors. This helped the firm to grab more users, boosting its earnings.

Sui’s high throughput and low fees led the crypto asset to quickly become a favorite among developers building fast and scalable decentralized applications (dApps). Robinhood listing is crucial for making SUI accessible to the large investor base of the platform.

HOOD Stock Price Performance

At the time of writing, Nasdaq-listed Robinhood Markets saw its stock price jump 2% to $107.44 on Thursday. The 24-hour low and high were $104.35 and $108.21, respectively.

Trading volume was almost 17 million, lower than the average of 44.54 million. This hints at cautious trading by investors amid uncertainty in the crypto market.

Bitcoin price tumbled from $124K to $112K in a week amid massive profit booking by investors. BTC price was trading at 1% lower at $112,708 at the time of writing.

The 24-hour low and high were $112,926 and $114,802, respectively. Furthermore, the trading volume has decreased by 16% in the last 24 hours, indicating a decline in interest among traders.

Several experts anticipate Bitcoin price could crash due to several headwinds, with $112,000 as the key support level to watch.

Also, several bearish chart patterns emerged for BTC as traders turned cautious after hotter US PPI inflation, lowering Fed rate cut expectations in September.