Robinhood (NASDAQ: HOOD) extended its early-session gain to 12.3% on Sept. 3, with the stock moving above $120 and reaching its highest level since January, according to market data from BIT (bit.com). BlockBeats said the recent rally has been driven by three factors appearing at the same time: a surge in on-chain trading activity, a wave of rating and price-target upgrades from Wall Street firms, and a sharp increase in prediction-market revenue.
The report said activity on Robinhood Chain has been especially strong. On the first day of September, network revenue exceeded $3.8 million, accounting for about 38% of total network revenue that day. The chain processed 5.52 million transactions in a single day, while app revenue came in at roughly $2.66 million, the highest level since launch. BlockBeats also noted that Morgan Stanley and Piper Sandler were among the Wall Street institutions that recently raised their ratings and price targets. In prediction markets, Robinhood’s second-quarter revenue was reported at $156 million, up more than tenfold from a year earlier.
Robinhood (NASDAQ: HOOD) extended its gain to 12.3% in early trading on Sept. 3, with the stock rising above $120 and reaching its highest level since January, according to market data from BIT (bit.com).
Three factors highlighted behind the move
BlockBeats said Robinhood’s recent advance has been supported by three developments: a burst of on-chain trading activity, a concentrated round of Wall Street rating and price-target upgrades, and a jump in prediction-market revenue.
Robinhood Chain posts strong activity
Activity on Robinhood Chain was described as particularly strong. On the first day of September, network revenue topped $3.8 million, accounting for about 38% of the network’s total revenue that day. The chain processed 5.52 million transactions in a single day, and app revenue reached about $2.66 million, a record high since launch.
Wall Street firms raise ratings and targets
The report also said Morgan Stanley and Piper Sandler were among the Wall Street institutions that recently raised their ratings and price targets on Robinhood.
Prediction-market revenue rises sharply
In prediction markets, Robinhood’s second-quarter revenue climbed more than tenfold year over year to $156 million.
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