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 solid growth and announced a 115% year-over-year increase in the value of the platform’s total assets to $343 billion.
The 3% increase in total platform assets, month over month, in October was due to the company adding 210,000 funded customers. The platform currently supports 27.1 million customers, representing an 11% year-over-year increase. Net deposit also increased 20% in October to $5.6 billion. Over the past 12 months, net deposits have grown 43% to $68.7 billion. Robinhood is also benefiting from nominal 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 in the company’s prospects amid the transition to a new chief financial officer, Jason Warnick. The research firm has also highlighted the design of the company’s operating system, which allows it to scale multiple growth engines in parallel through the GM model. He also expects technology-driven execution and disciplined cost control to strengthen the company’s advantage.
Robinhood Markets, Inc. (NASDAQ:HOOD) is a financial services company that offers an investment and trading platform designed to make finance accessible to everyone. He is known for pioneering commission-free trading and has revolutionized the discount brokerage industry.
While we recognize HOOD’s potential as an investment, we believe certain AI stocks offer greater growth potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that’s also benefiting significantly from Trump-era tariffs and the offshoring trend, check out our free report on best short-term AI stock.
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Disclosure: None. This article was originally published in privileged monkey.