The analyst in coverage noted Robinhood could benefit from new crypto-friendly leadership at the U.S. Securities and Exchange Commission (SEC) after the election. Robinhood has expanded its offering of cryptocurrencies, appealing to its core base of younger, retail investors.

However, the bear market during 2022 spooked many of Robinhood's clients, and its stock subsequently plunged by more than 90% from its record high. A recovery is now underway, and Robinhood stock has soared 315% from its 52-week low of $7.91.

Robinhood’s shares surged to a three-year high after Needham analysts upgraded the stock early Monday. The surge follows Robinhood’s rollout of new cryptocurrencies, including Solana and XRP. “We wanted to just do it the right way and in lockstep with our regulatory agencies,

Fintel reports that on November 18, 2024, Needham upgraded their outlook for Robinhood Markets (NasdaqGS:HOOD) from Hold to Buy. Analyst Price Forecast Suggests 25.05% Downside As of October 22, 2024,