Goldman Sachs raised its Robinhood price target to $108 and kept a buy rating as May trading volumes surged, while a fund tied to director Meyer Malka bought more than $55 million of shares over the past week.
Robinhood shares rose after Goldman Sachs analyst James Yaro raised the stock’s target price to $108 on June 10 and maintained a buy rating. The move came as Robinhood reported May stock trading volume of $315 billion, up 27% month over month and 75% year over year. Separately, disclosures and market commentary indicated that director Meyer Malka, or a fund linked to him, bought more than $55 million of Robinhood shares over the past week, including another 250,000 shares at about $81 in a transaction worth roughly $20 million, lifting his holdings to 8 million shares. Shares were cited at about $88 intraday, up 5.48%, and at $89.36 as of publication in the earlier report, up 6.67%.