Analysts at Citigroup are raising their price forecast for Robinhood (HOOD) stock, whose shares are already up over 220% year-to-date. On September 23, Citigroup lifted the stock’s price target to $135 from $120, while maintaining a Neutral rating for its shares. The analysts cite elevated trading activity around the stock, as well as recent revenue success over the last few quarters.

In addition, analysts at Mizuho maintain the most optimistic forward-looking price target of $145, suggesting significant upside potential from the current price of $121.78. Piper Sandler also raised their Robinhood (HOOD) stock price target to $140 from $120, reiterating an Overweight rating. Analyst Patrick Moley writes that prediction markets are fueling the company’s growth, with sports betting already bringing in approximately $200 million in revenue. Furthermore, the analysts added that Kalshi, a contract exchange that Robinhood Markets has partnered with, is on track for record volumes in September. This could only equate to further revenue for the stock, just in time for Q3 earnings on October 29.

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The US stock market has picked up steam in the past week following the Federal Reserve’s interest rate cut. The S&P 500 index in particular is on the rise, with HOOD shares leading the rally. Year-to-date, HOOD is one of the best performers on the index, gaining some support from both stock and crypto fans. Late last month, HOOD rallied following Trump’s pro-crypto executive order that permits 401 (k) savings plans to include cryptocurrencies and digital assets. Major cryptocurrencies and crypto-related stocks were rallying early before the announcement, including Bitcoin and other top coins.

Robinhood reported Q2 revenue of $989M, up 45% YoY, driven by record trading volumes and diversified product growth across crypto, banking, and active trading. Adjusted EBITDA margin reached 56%, with EPS doubling YoY. Management reiterated strong momentum into Q3 with $6B in July net deposits and reaffirmed 2025 profitability goals. Most analysts are bullish that the Q3 numbers next month will send the stock even higher, with a surge to $200 on the cards.