Robinhood Markets stock has shown resilience amid the overall volatility of the crypto market. Analysts predict possible growth of the stock if prices breach certain support levels.
Analysis of Robinhood Shares
According to analyst Ali Martinez, Robinhood shares could recover to a level of $112 if bulls can hold the price above the $106 mark. The stock has continued its positive momentum, increasing by 4% over the month and more than 186% year-to-date.
Ark Invest's Investments in Robinhood
Cathie Wood's Ark Invest funds continue to purchase Robinhood shares amidst rising prices. Recently, the ARK Innovation ETF acquired 150,908 shares worth $16.2 million. Additionally, Cantor Fitzgerald, Barclays, and Bernstein have raised their price targets for Robinhood shares, with Bernstein setting a target of $160.
Crypto Market and Its Influence
At the time of reporting, Robinhood shares traded at $107.44, up 2%. However, volatility in the cryptocurrency market, including a sharp decline in Bitcoin prices, has affected investor interest. Bitcoin dropped from $124K to $112K over a week, leading to cautious trading among investors.
The overall volatility in the crypto market creates uncertainty, but positive signals from analysts and investors could support Robinhood shares in the upcoming period.