Robinhood

Robinhood will process selected event contracts for football games through the state-regulated trading venue OG.com going forward and is taking a stake in OG.com and its former parent Crypto.com as part of its prediction-market expansion. The valuation of the stakes is based on Citadel Securities’ recent investment appraisal of Crypto.com at $20 billion, of which $5 billion is attributed to OG.com. Event contracts have already been a growth driver, generating a record $156 million in revenue in the second quarter. Ahead of the US midterm elections, Robinhood is also expanding its offering of election-result contracts, some of which could later be routed through Crypto.com and OG.com as well. » Más en de.investing.com

Robinhood shares rose in premarket trading after analyst upgrades; Goldman Sachs raised its price target from $124 to $142 (buy) and Jefferies from $127 to $140 (buy). The adjustments were justified by the strong start of the joint venture Rothera, which generated annualized revenues of around $150 million in its first operating quarter, and by sharply rising fees on the Robinhood Chain (on September 4, $8.2 million daily). Additionally, ARK Invest supervisory board member Cathie Wood bought about $3.6 million worth of shares, and CEO Vlad Tenev is expected at a Goldman Sachs conference, which is driving short-term interest. The stock traded around $124.11, still below the 52-week high of $153.86, leaving further upside potential if the market-projection thesis is confirmed. » Más en de.investing.com

Ark bought 28,589 shares of Robinhood worth about $3.5 million at a roughly $122 closing price, reversing recent sales. The purchase comes as Robinhood stock has rallied over 30% in the past month alongside a Bitcoin surge and easing Treasury-yield fears. Robinhood reported a 44% year‑over‑year rise in transaction revenue in Q2 while crypto revenue fell 38%, and some analysts have raised price targets citing rapid growth in Robinhood Chain fees. » Más en finance.yahoo.com