Robinhood price target raised to $140 from $120 at Piper Sandler

Piper Sandler raised the firm’s price target on Robinhood (HOOD) to $140 from $120 and keeps an Overweight rating on the shares. The firm says that event contract volumes at Kalshi – the private event contract exchange that Robinhood has partnered with – are on track for record monthly volumes in September, more than double the previous monthly record. This is due in large part to the recent roll-out of NFL and NCAA Football prediction markets. Piper estimates that Robinhood users account for about 25%-35% of Kalshi volumes on any given day, and that revenues from Robinhood’s event contract offering are annualizing at over $200M in the month of September.