Robinhood Surges on Analyst Upgrades and Bitcoin Rally

Rapid expansion in Robinhood's prediction-markets business and improved Wall Street sentiment have propelled its shares to new highs.

The NASDAQ-listed company saw a 16% surge on Thursday, closing at $124.72 after opening at $113.80.

This upward momentum was driven by analyst upgrades from Morgan Stanley, Scotiabank, and Piper Sandler, who pointed to the growth of event-contract revenue, which reached $156 million in Q2, surpassing crypto trading revenue of $100 million.

Federal Reserve Governor Christopher Waller's comments on interest rates also contributed to the rally, as he signaled a possible pause in rate hikes this month. This eased rate-hike fears and weakened the dollar, sparking a 4.6% rise in Bitcoin to around $80,900.