Wall Street sets Robinhood (HOOD) price target for next 12 months

Core Insights - Robinhood's share price is gaining investor interest due to its inclusion in the S&P 500, with a recent closing price of $101.25, down 1.6%, but up over 150% year-to-date [1] - The stock rose 8.4% in pre-market trading on September 8, reaching $109 [1] - The inclusion in the S&P 500 is expected to increase demand for Robinhood shares as index-tracking funds adjust their portfolios [2] Analyst Ratings - Analysts on Wall Street are optimistic about Robinhood's stock outlook, with a 'Moderate Buy' consensus rating from 18 analysts [3] - Among these analysts, 12 recommend buying, five suggest holding, and one advises selling [3] Price Predictions - The average 12-month price target for Robinhood is $113.71, indicating a potential upside of 12.31% from the last closing price [5] - Price forecasts range from a high of $160 to a low of $48 [5] Financial Performance - Robinhood reported strong second-quarter earnings, with earnings per share of $0.42, surpassing analyst expectations of $0.31 [6] - Revenue increased by 45% year-over-year to $989 million, exceeding the $908 million estimate [6] - Net income more than doubled to $386 million, reflecting a 105% increase from the previous year [6] Customer Growth - The company saw robust customer growth, with funded accounts rising by 2.3 million to 26.5 million, surpassing projections of 26.1 million [7] - Investment accounts increased by 10% to 27.4 million, and total platform assets nearly doubled to $279 billion [7] Strategic Initiatives - Robinhood is expanding into wealth management, aiming to compete with established brokerages [8] - The company is implementing incentives like deposit matches and has acquired TradePMR to enhance its offerings [8]