Robinhood Stock (HOOD) Hits Record High Fueled by Prediction Markets Growth
Robinhood Markets Inc. surged 12% to a record close of $136.72 on Monday, outperforming the S&P 500 as its prediction markets business gained traction. The platform has processed over 4 billion event contracts, with half occurring in Q3 alone.
The brokerage's crypto-friendly platform continues attracting retail investors, though no specific digital assets were mentioned in this earnings context. Event contracts for elections and sports are driving engagement alongside traditional equity and crypto trading.
Wall Street analysts remain bullish on Robinhood's diversified revenue streams, with the stock up 260% YTD. The company's growth mirrors broader retail investor enthusiasm for alternative financial products, including cryptocurrency trading.
