Stock Track | Robinhood Stock Soars 7.67% as Optimism Grows on Election Outcome and Crypto Rally

Stock Track11-25 22:34

Robinhood Markets Inc.'s stock surged 7.67% in pre-market trading on Monday, driven by increased optimism around the potential impact of the U.S. elections and a rally in cryptocurrency prices.

Analysts expect Robinhood to benefit from potential deregulation and pro-business policies under the new administration, as well as a recovery in investor sentiment and "animal spirits." Morgan Stanley upgraded the stock to "Overweight" from "Equal-weight," raising its price target to $55 from $24. The brokerage firm cited expectations of stronger revenue growth post-election due to durable retail trading levels, greater support for crypto assets, and a potential rebound in IPO and M&A activity.

The surge in Robinhood's stock price also coincided with Bitcoin inching closer to the $100,000 milestone, boosted by expectations of eased crypto regulations under the new administration. Other crypto-related stocks, such as MicroStrategy and Block, also gained in pre-market trading amid the crypto rally.

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