Robinhood Stock (HOOD) Jumps 7% as Crypto Deposit Match Program Launched
Robinhood Markets (HOOD) closed 7% higher on June 24 after the online brokerage launched a new crypto deposit match program.
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Specifically, Robinhood now offers customers a 1% match on their crypto net deposits. According to the announcement, if a total of $500 million or more worth of cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are placed with Robinhood, the match will increase from 1% to 2%. The promotion is limited, however, and runs through July 7.
Despite its limited run, investors are responding positively to the crypto deposit match program. This is the latest effort by Robinhood to push further into cryptocurrencies and diversify its offerings from stock trading and into new areas of the market.
Other Enhancements
In addition to the crypto match program, Robinhood announced several new platform features. Among the new features is an artificial intelligence (AI) tool called 'Cortex's Digest' that provides timely insights to investors and traders. The brokerage is also expanding its mobile app to provide advanced charting features.
Robinhood management said they plan to streamline the trading process by reducing the steps needed to execute trades and making options trading more accessible to individual retail investors. Additionally, Robinhood's trading platform will now offer simulated potential returns on stocks. HOOD stock is up 120% this year.
Is HOOD Stock a Buy?
The stock of Robinhood Markets has a consensus Moderate Buy rating among 20 Wall Street analysts. That rating is based on 14 Buy, five Hold, and one Sell recommendations issued in the last three months. The average HOOD price target of $65.95 implies 19.58% downside risk from current levels.
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