Robinhood stock rebounds as Bernstein sees 80% upside
Robinhood stock recovered more than 2% on Thursday after Bernstein maintained its $160 target, betting that tokenization and prediction markets can offset weaker crypto trading. SummaryBernstein maintained an Outperform rating and $160 target, implying roughly 81% upside from Thursdays close.Robinhoods second-quarter net revenue rose 32% year over year to $1.31 billion.Event contracts generated $156 million, surpassing the companys $100 million in crypto trading revenue.HOOD traded at $88.55, but remained below its 20-, 50- and 100-day moving averages. Robinhood stock rebounds from $83.68 Robinhood Markets shares traded at $88.55 on Friday, up approximately 2.25% after moving between $83.68 and $89.48 during the session. Despite the rebound, HOOD remained about 26% below its July high near $120. Source: Yahoo Finance HOOD had closed Wednesday at $89.84 before coming under renewed selling pressure. Thursdays recovery kept the stock above its 200-day simple moving average at approximately $86.52, a level that could determine whether the recent decline develops into a deeper correction. Bernstein maintained its Outperform rating and $160 price target following Robinhood‘s second-quarter results. From Thursday’s closing price, the target represents potential upside of about 81%. Goldman Sachs also retained a Buy rating but reduced its 12-month target from $137 to $118. The revised target still implies more than 33%