Bernstein Sees 78% Upside In Robinhood Stock

Bernstein is besides bullish connected Robinhood's efforts to diversify its business, notably into prediction markets that gave the online brokerage's second-quarter fiscal results a boost. 

Gautam Chhugani, Bernstein's pb crypto analyst, said Robinhood Chain, tokenized stocks, and Bitstamp correspond beardown maturation drivers for Robinhood and diversify its concern beyond banal and crypto trading. 

Chhugani noted that Robinhood Chain has generated much than $12 cardinal U.S. successful decentralized speech measurement and surpassed 150 cardinal transactions since its launch.

Additionally, Stock Tokens from Robinhood are present disposable successful much than 120 countries done Robinhood Wallet. 

However, the Bernstein expert is astir bullish connected Robinhood's prediction marketplace that launched successful June of this twelvemonth earlier the World Cup shot tournament.

The prediction marketplace has processed much than 3.5 cardinal contracts to date. Less than 2 months since launching and Robinhood's prediction marketplace is present the 3rd largest successful the U.S.

Prediction marketplace gross astatine Robinhood successful the 2nd 4th reached $156 cardinal U.S., overtaking crypto trading's $100 cardinal U.S., notes Chhugani.

Bernstein's bullish outlook for Robinhood comes aft the institution posted second-quarter fiscal results that topped Wall Street forecasts connected the apical and bottommost lines.

HOOD banal is presently trading astatine $86.60 U.S. per share, having fallen 25% this year.