Robinhood Markets, Inc. (NASDAQ:HOOD) is one of the best cryptocurrency stocks to buy for the long term. On November 13, Robinhood Markets, Inc. (NASDAQ:HOOD) reiterated that it is in a phase of robust growth, announcing a 115% year-over-year increase in the value of total platform assets to $343 billion.
The 3% increase in total platform assets, month-over-month, in October resulted from the company adding 210,000 funded customers. The platform currently supports 27.1 million customers, representing an 11% year-over-year increase. The net deposit also increased by 20% in October to $5.6 billion. Over the past 12 months, net deposits have grown by 43% to $68.7 billion. Robinhood is also benefiting from notional trading volumes increasing 153% year-over-year to $320.1 billion.
Meanwhile, Citizens has reiterated an Outperform rating on the stock and set a $180 price target. The research firm remains confident about the company’s prospects amid the transition to a new CFO, Jason Warnick. The research firm has also highlighted the company’s operating system design, which enables it to scale multiple growth engines in parallel through the GM model. It also expects technology-driven execution and disciplined cost control to strengthen the company’s edge.
Robinhood Markets, Inc. (NASDAQ:HOOD) is a financial services company that offers an investment and trading platform designed to make finance accessible to everyone. It is known for pioneering commission-free trading and has shaken up the discount brokerage industry.
While we acknowledge the potential of HOOD as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
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