Robinhood, the popular investment app, has seen its price target raised to $140 by Piper Sandler analysts, citing growing user engagement and revenue potential. According to Piper, Robinhood users account for approximately 25%-35% of Kalshi volumes on any given day, with event contract volumes at the private event contract exchange reaching record highs in September.

The recent roll-out of NFL and NCAA Football prediction markets has been a significant driver of this growth, with Piper estimating that Robinhood users account for over $200M in annualized revenues from these offerings alone in the month of September. This is a testament to the app’s ability to attract and retain users, as well as its potential to generate revenue through its various financial products and services.

The raise in price target suggests that analysts are bullish on Robinhood’s prospects, particularly in light of the growing demand for digital investment platforms. As more investors turn to mobile and web-based platforms for their investing needs, Robinhood is well-positioned to capitalize on this trend.

In addition to its existing offerings, Robinhood has been expanding its product suite, including the recent launch of Robinhood Crypto, which allows users to buy, sell, and trade cryptocurrencies directly within the app. This move has further diversified the company’s revenue streams and positioned it for continued growth in the future.

Overall, the raise in price target is a positive sign for Robinhood and its investors, reflecting the company’s growing user base and revenue potential. As the digital investment landscape continues to evolve, Robinhood is well-positioned to maintain its leadership position and drive further growth in the years ahead.