Bernstein analysts forecast Robinhood shares could double in value. The firm highlighted growth in crypto trading and prediction markets as primary drivers for the stock.
Analysts identified the FIFA World Cup and U.S. midterm elections as key catalysts for future trading volume. These events are expected to significantly boost revenue from the platform's prediction sectors.
Robinhood stock rose nearly 10% on April 14 following the analyst note. The rally coincided with broader gains in Bitcoin and the cryptocurrency market.
Increased investor confidence and trading activity come ahead of the company's full quarterly earnings report. Robinhood is scheduled to release those results on April 28.