Robinhood Receives Outperform Rating as Crypto Markets Expected to Soar
According to a report by Bloomberg, Bernstein has initiated coverage of publicly listed firm Robinhood Markets Inc. with an “outperform” rating. The brokerage firm also predicts that the value of crypto markets will significantly increase by 2025.
Robinhood Gets Outperform Rating
Bernstein has started covering Robinhood Markets Inc. and has given it an “outperform” rating. Analyst Gautam Chhugani believes that the volume of cryptocurrency trades on the online brokerage will grow nine times in the next two years. He suggests that now is the ideal time to invest in Robinhood and expects a crypto comeback within the next 18-24 months. Chhugani has set a $30 price objective for Robinhood’s stock, which is currently the highest among analysts tracked by Bloomberg.
Crypto Markets Likely to See Upwards Trend
The positive rating for Robinhood comes amidst a general bullish sentiment towards crypto markets. Many experts believe that the value of digital assets is set to quadruple to $7.5 trillion by 2025. Statista predicts that the cryptocurrency market will generate $51.5 billion in revenue by 2024, with an annual growth rate of 8.62% from 2024 to 2028.
Listed Crypto Firms Currently On Upbeat Trading
Several listed crypto firms have experienced positive trading performances this year:
- Robinhood has seen a nearly 50% surge in its stock price in 2024.
- MicroStrategy shares have increased by 180% this year after a debt sale used to purchase more Bitcoin.
- Coinbase’s stock price has surged 48% since the beginning of the year. The company’s strong results contributed to this performance. Coinbase reported a profit of $273.4 million for the three months ending on December 31, compared to a loss of $557 million the previous year. Analysts had projected a penny-per-share loss, but strong trading volumes helped Coinbase achieve its first quarterly profit since 2021. The company’s transaction revenue also increased by 64% to $529.3 million during the same period.
Hot Take: Crypto Markets Set for Massive Growth
The initiation of coverage and “outperform” rating for Robinhood by Bernstein reflects the optimistic outlook for crypto markets. With expectations of significant growth in value and positive trading performances from listed crypto firms, it is clear that the market is bullish on cryptocurrencies. If these predictions hold true, investors could potentially benefit from investing in crypto-related assets in the coming years.
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