What's Going On With Robinhood's Stock?

Zinger Key Points
  • Robinhood shares are trading higher Monday after Roaring Kitty returned to social media and sparked a meme stock revival.
  • Robinhood shares are also climbing, possibly due to the trading platform’s association with the original pandemic-era meme stock rally.

Robinhood Markets, Inc. HOOD shares are trading higher Monday after Roaring Kitty returned to social media and sparked a meme stock revival. Here's a look at what's going on. 

What To Know:

Shares of GameStop, AMC Entertainment and other meme stock names are racing higher on renewed interest from retail investors after Keith Gill, a.k.a Roaring Kitty, posted a meme to his X account Sunday night. 

The meme depicts a gamer sitting up to focus more attentively and has ushered in a return of meme stock mania Monday. 

Robinhood shares are also climbing on heavy trading volume, possibly due to the trading platform's association with the original pandemic-era meme stock rally and its popularity among retail investors. According to data from Benzinga Pro, more than 15.16 million Robinhood shares have already been traded in Monday's session, compared to the stock’s 100-day average of 17.031 million shares.

Gill has since posted several videos to his X account, and investors are watching to see if the posts and meme stock rally will continue.

Related News: What’s Going On With GameStop Stock: Is Roaring Kitty Active Again?

Will HOOD Stock Go Up?

When trying to assess whether or not Robinhood Markets will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $19.67 on Robinhood Markets. The Street high target is currently at $30 and the Street low target is $11. Of all the analysts covering Robinhood Markets, 10 have positive ratings, 8 have neutral ratings and 5 have negative ratings.

In the last month, 9 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Robinhood Markets have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Robinhood Markets is 98.55% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Robinhood Markets, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

HOOD Price Action: According to Benzinga Pro, Robinhood shares are up 5.11% at $17.06 at the time of publication Monday.

Image: Shutterstock

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