Robinhood Chain drives HOOD rally after Deutsche Bank raised its target. The bank lifted its price target for the stock to $136.
The previous target was $115. The Robinhood Chain is the key catalyst.
Why Robinhood Chain drives HOOD rally
Deutsche Bank analysts cited revenue growth from the network. They expect more upside as the chain gains traction. This comes as several metrics continue to rise. Retail activity on the network is a major contributor.
Deutsche Bank joins a host of other Wall Street giants. Morgan Stanley raised its target to $150 from $124. Scotiabank raised HOOD to Outperform with a $136 target. Piper Sandler lifted its target to $145.
The stock surged by double digits yesterday. It rose to as high as $125. TradingView data confirms the move.
The Robinhood Chain has been gaining a lot of traction. Much of this activity comes from retail investors. They have been trading memes amid renewed optimism. Bitcoin reaching multi-month highs also helped.
Robinhood Chain leads in key metrics
The network is currently leading in several key metrics. DefiLlama data confirms this. TVL has jumped almost 27% in the last seven days. It now stands at $840 million.
The network also took in the most fees over the last 24 hours. That figure reached $4.59 million.
Commenting on the bullish catalyst, The Milk Road noted the network’s revenue growth. Robinhood Chain’s annualized 7-day revenues make it the fourth-largest business vertical. This is across the brokerage’s 14 business lines.
The network has achieved these milestones in just under two months. This is since its launch.
With a 7-day annualized revenue of $13.12 million, Robinhood Chain’s revenue is larger than many top networks. These include Ethereum, Solana, BNB, Avalanche, and SUI. It also surpasses layer-2 networks like Base, Arbitrum, and Optimism combined.
Over a 30-day period, Robinhood Chain is the only network that has ranked in the top four. This applies to both app and chain revenues.
