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Following
BTC On September 3, well-known TV host and former hedge fund manager Jim Cramer turned his attention to Robinhood Markets (NASDAQ: HOOD), whose share price soared more than 15% that day to exceed $123.
Robinhood is a zero-commission trading platform popular among young retail investors. Users can buy and sell stocks, options, cryptocurrencies and tokenized stocks through a single application.
Cramer said Robinhood shares "continue to rise" because young people are actively buying. He added that these young users may prefer cryptocurrency or options trading, but they are still flocking to Robinhood.
The CNBC host particularly emphasized that Robinhood has grown particularly significantly among users aged 21 to 30. He told partner Carl Quintanilla that while he hoped these young people would pay more attention to the views of veteran commentators like them and reduce day trading, their investment behavior was commendable. "Wow, they're investing. Yes, I think people should pay tribute to them."
Quintanilla pointed out that Robinhood's stock was upgraded this week, mainly due to the "large amount of assets held by users."
Earlier this week, Morgan Stanley upgraded Robinhood's rating to "overweight" and raised its price target to $150 from $124. Bernstein also reiterated a $160 price target for the stock this week.
When Morgan Stanley analyst Michael Cyprys raised Robinhood's target price, he attributed the company's more than 2 million users to generate $156 million in revenue in the second quarter while using "other products."
The company has expanded from cryptocurrency trading into areas such as forecasting markets, perpetual contracts and proxy trading, prompting Cypress to take a bullish view.
When Quintanilla pointed out that Robinhood was no longer tied to Bitcoin or cryptocurrencies, Cramer agreed, saying this was why he liked the stock "increasingly". As of press time, HOOD shares were trading at $123.70.
