Popular TV host and former hedge fund manager Jim Cramer turned his attention to Robinhood Markets (Nasdaq: HOOD) as the company's shares surged more than 15% to trade above $123 on Sep. 3. R
Popular TV host and former hedge fund manager Jim Cramer turned his attention to Robinhood Markets (Nasdaq: HOOD) as the company's shares surged more than 15% to trade above $123 on Sep. 3.
Robinhood is a commission-free trading platform very popular among young retail traders. The platform lets users buy and sell stocks, options, cryptocurrencies, and tokenized equities from a single app.
Related: Billionaire sounds alarm on ‘hidden tax’ draining wealth
Cramer remarked that the Robinhood stock "just keeps growing and growing" as young people are buying it. This demographic could be crypto- or option-oriented, but they keep flocking to Robinhood, he added.
The CNBC host highlighted that Robinhood is growing among the 21-30 cohort in particular. He told co-host Carl Quintanilla that though he wished these youngsters watched what experienced commentators like them talked about and engaged in less day trading, they should be praised for investing.
"Wow, they're investing. Yeah, I think people should be saluting."
Quintanilla underscored that the recent upgrades on the HOOD stock this week were about "the sheer amount of assets" users are sitting on.
Earlier this week, Morgan Stanley upgraded Robinhood to Overweight and raised its price target from $124 to $150. Bernstein also reiterated its price target of $160 for the stock this week.
When Morgan Stanley analyst Michael Cyprys raised his price target on Robinhood, he attributed the hike to the firm's more than two million users generating $156 million in Q2 revenue while “adopting other products.”
The firm has expanded to prediction markets, perpetual futures, and agentic trading beyond crypto trading, prompting Cyprys to take a bullish call.
When Quintanilla highlighted that Robinhood is no longer tied to Bitcoin or crypto, Cramer agreed and went on to say that's why he likes it "more and more."
The HOOD stock was trading at $123.70 at the time of writing.
Related: Roundtable 100 analysts rank Bitcoin lower than Ether, Solana, and HYPE
