Goldman Sachs Raises Robinhood Target Price to $145 Following Strong Crypto Trading

Goldman Sachs has released its preliminary September data for Robinhood (HOOD), showing that cryptocurrency and event contract trading volumes exceeded market consensus by 87% and 36%, respectively. The overall trading volume on HOOD's platform rose to $21.9 billion, outperforming prior forecasts by 17%. Equity trading volume fell 2% month-over-month, but still remained above market consensus, while options trading volume declined 1%.

The strong performance of crypto and event contract trading volumes is a key driver behind Goldman Sachs' upward revision to HOOD's revenue expectations. The firm has adjusted its net revenue forecasts for 2026, 2027, and 2028 upwards by 1%, 4%, and 4%, respectively.

Growth in equity and options trading volume year-over-year also remained elevated, with a 38% increase in equity trading volume and a 32% rise in options volume. The steeper interest rate curve is another factor that contributed to the upward revision in revenue expectations.