Robinhood stock surges on Outperform rating, trading volumes

Yahoo Finance Video
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Share of trading platform Robinhood Markets (HOOD) surged on Thursday due to a couple of upbeat headlines. The first is better-than-expected trading volumes in February. Robinhood reported an increase in trading volumes across all asset classes compared to January 2024. The company also reported assets under custody of $118.7 billion, up 16% from January. As CEO Vlad Tenev told Yahoo Finance, given the size of Robinhood's crypto trading business, "when the crypto markets see a lot of excitement, we benefit from that."

Bernstein also initiated coverage of Robinhood with an Outperform rating and a $30 price target. In a note, analysts say they expect to see "a monster of a crypto cycle over 2024-25," which Robinhood stands to benefit from. The move comes as bitcoin (BTC-USD) hits record highs. 

Yahoo Finance's Seana Smith and Jared Blikre discuss the reports in the video above.

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Editor's note: This article was written by Stephanie Mikulich.