Report published September 28, 2026
Robinhood Markets: Stronger Volumes, Notably in Crypto and Prediction Markets, and a Steeper Rates Curve | Goldman Sachs Equity Research
Goldman Sachs · September 28, 2026
Robinhood reported robust preliminary September monthly metrics, highlighted by strong crypto (+21% MoM) and event contract trading volumes (+17% MoM) that significantly beat Street expectations. Goldman Sachs reiterated its Buy rating on HOOD and increased its 12-month price target to $145.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Robinhood reported stronger preliminary September metrics, with crypto and event contract volumes climbing 21% and 17% MoM, beating Visible Alpha consensus by 87% and 36% respectively.
- 2.Equity and option trading volumes showed slight sequential declines (-2% and -1% MoM) but remained strong versus consensus (+17% and +43%) and up substantially year-over-year (+38% and +32%).
- 3.Goldman Sachs raised net revenue forecasts for 2026E/2027E/2028E by 1%/4%/4% and adj. EPS by -1%/+4%/+3%, incorporating stronger volumes, venture fund marks, and a steeper forward interest rate curve embedding ~3.5 more Fed rate hikes through 2027.
Table of Contents
- Exhibit 1: HOOD September metrics
- Exhibit 2: Old vs. new estimates
Report data
Exhibit 1: HOOD September metrics — as of September 28, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-month Price Target | 145.00 USD | Raised from $144.00 |
| Closing Share Price | 116.46 USD | HOOD closing price at time of report |
| September Crypto Trading Volume (Day-count Adjusted) | 21 USD bn | +17% vs. old GSe and +87% vs. consensus |
| September Event Contracts Volume (Day-count Adjusted) | 5.5 bn contracts | +6% vs. old GSe and +36% vs. consensus |
| September Equity Trading Volume (Day-count Adjusted) | 330 USD bn | +17% vs. consensus and +38% YoY |
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