HOOD Stock Soars as Analysts Lift Price Targets to $142

The Robinhood stock price has surpassed $125 in pre-market trading hours, thanks to analysts remaining bullish on further upside. Wall Street firms Goldman Sachs and Jefferies have recently lifted their price targets for HOOD stock.

Goldman Sachs now sees the stock reaching $142, while maintaining its 'buy' rating. Meanwhile, Jefferies analyst Daniel Fannon has raised his target from $127 to $140 after a management meeting with Robinhood CFO Shiv Verma.

The surge in HOOD stock price could also be attributed to the firm's aggressive push into the prediction markets sector. The partnership with Crypto.com will allow Robinhood to feature yes-or-no event contracts directly on its trading app, and the online brokerage firm has acquired minority equity stakes in both Crypto.com and OG.com.