Robinhood Stock Soars on Wall Street Backing and International Expansion Plans

Retail brokerage firm Robinhood (HOOD) saw its stock price surge over 6% on Wednesday, briefly crossing $115.

This growth is attributed to Wall Street analysts reaffirming their bullish ratings and raising price targets for the company's stock.

Piper Sandler maintained a Buy rating with a $135 price target, while BTIG kept its Buy recommendation at $125. Mizuho raised its target to $130 from $115, citing Robinhood's potential as the first true 'hyperscaler' among online brokerages.

The company now serves over 1 million funded customers in Europe and plans to launch its crypto platform in the UK. In Canada, it launched its crypto platform with zero trading fees for 90 days, aiming to build a user base before monetizing later.