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ETH Recent developments in Robinhood Markets: Goldman Sachs raises its target price, and its blockchain business attracts attention.
Robinhood Markets (Nasdaq: HOOD) has been quite busy in recent weeks: launching a new blockchain, attracting Wall Street attention, and a few days before the next earnings report is released, it has received the latest confidence endorsement from top Wall Street institutions. Goldman Sachs raised its price target for Robinhood to $137 from $121 and maintained a "buy" rating ahead of the company's second-quarter results. Analyst James Yaro made the adjustment after lowering his price target to $111 from $130 on February 20, but also maintained his rating. Analysts tracked by FactSet currently have an average rating of "overweight" on the stock, with an average price target of $120.83.
Despite the increase in target price, HOOD shares were trading at US$101.91 as of press time, down 3.76% in the past 24 hours, with little response to the new target price.
Robinhood blockchain attracts independent attention
This target price increase comes as Robinhood's momentum into tokenized assets is accelerating. Robinhood launched its own blockchain, Robinhood Chain, on July 1, an Ethereum (ETH) layer 2 network built based on Arbitrum Orbit technology and uses Chainlink to provide data and cross-chain infrastructure. According to DeFiLlama, as of July 17, the network's total locked position value has climbed to approximately $213 million, a one-day increase of more than 13%.
Wall Street has noticed this trend. In a July 13 research note, Bernstein pointed out that Robinhood Chain reached US$3.1 billion in decentralized exchange (DEX) transactions in its first week of launch, making it one of the top five blockchains in DEX activity. Currently, more than 65,000 users hold approximately $13 million in tokenized shares and $300 million in stablecoins on the network. "The strong early adoption highlights the growing convergence of tokenized real-world assets with the broader DeFi ecosystem," Bernstein's team of analysts led by Gautam Chhugani wrote.
The upcoming earnings test
Robinhood will announce its second-quarter earnings on July 29. Analysts are currently expecting earnings of $0.40 per share and revenue of $1.23 billion. In the first quarter, the company's earnings per share were $0.38, slightly below the consensus market expectation of $0.39. HOOD shares are still about 25% below the all-time high of $153.86 set in October 2025 (at the peak of the previous cryptocurrency market cycle).
