Robinhood Markets Inc. (NASDAQ:HOOD) stock surged Thursday. Wall Street upgrades, blockchain activity and growth across its fintech products fueled the rally. The Nasdaq gained 0.60%, while the S&P 500 rose 0.58%.
Analyst Upgrades Boost HOOD Stock
Several Wall Street analysts have turned more bullish on Robinhood over the past 48 hours.
Morgan Stanley upgraded Robinhood to Overweight from Equal-Weight on Tuesday. The firm also raised its price forecast to $150 from $124.
Piper Sandler reiterated an Overweight rating Wednesday and raised its price forecast to $145. Also Wednesday, Scotiabank initiated coverage with a Sector Outperform rating and a $136 price forecast.
The analyst actions added to positive sentiment around the stock.
Robinhood Chain Revenue Hits Milestone
Activity on Robinhood’s blockchain network also drew attention. DefiLlama, which tracks decentralized finance activity, reported that Robinhood Chain generated $4.32 million in network revenue over 24 hours.
Robinhood Chain is a permissionless, AI-native Layer 2 network designed for real-world assets and financial services. The network recorded $874.8 million in daily decentralized exchange volume on Aug. 30.
Customer Activity Accelerates
Robinhood is also seeing stronger engagement across its broader platform.
The company’s July operating report showed 6.1 billion event contracts traded. That represented a 20-fold increase from a year earlier.
Robinhood also reported 28.5 million funded customer accounts and $355 billion in total platform assets.
Technical Analysis
HOOD stock is trading well above its major moving averages. The stock is about 18% above its 20-day SMA of $101.65 and 50-day SMA of $101.80.
It is also roughly 27% above its 200-day SMA of $95.05 and 29% above its 100-day SMA of $93.25.
The wide gap signals strong buying momentum. However, it could also increase the risk of a pullback if demand weakens.
The longer-term trend is improving. The 50-day SMA crossed above the 200-day SMA in August, forming a bullish golden cross.
However, the 20-day SMA remains slightly below the 50-day SMA. That suggests the shorter-term trend still needs confirmation.
Key resistance sits near $124.50. That level could become a hurdle after the stock’s sharp rally.
Near-term support stands around $110.50. That level could come into focus if Robinhood gives back part of Thursday’s gains.
HOOD Stock Price Activity: Robinhood Markets shares were up 15.18% at $123.23 at the time of publication Thursday, according to Benzinga Pro data.
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