Editor's Note: This article has been updated to correct an earlier inaccuracy regarding analyst coverage.
Robinhood Markets, Inc. (NASDAQ:HOOD) shares traded higher on Wednesday.
The financial services platform unveiled a sweeping set of new products designed to position the platform as a hub for active traders.
The announcements were made live in Las Vegas at the F1 Grand Prix Plaza.
Mizuho analyst Dan Dolev maintains Robinhood with an Outperform rating, raising the price forecast from $120 to $145.
Also, Piper Sandler analyst Patrick Moley maintained an Overweight rating on the stock and a price target of $120.
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Getting back to the latest development, Robinhood introduced Robinhood Social, AI-driven trading tools on Robinhood Legend, new futures offerings, and additional ladder trading features to expand its reach beyond equities and crypto.
The move underscores CEO Vlad Tenev‘s ambition to make Robinhood a “financial superapp.”
Robinhood Social Launch
The centerpiece of the event was Robinhood Social, a new community platform inside the app.
The feature will allow verified users to showcase live trades, follow other traders, track strategies, and review real performance metrics.
Profiles will be authenticated through KYC, giving users transparency into who they are following.
The platform will also provide insights into trades made by politicians, insiders and hedge funds based on publicly available data. Robinhood Social will roll out by invitation early next year before a wider launch.
A year after launching its browser-based trading platform, Robinhood Legend, the company is adding AI-powered custom indicators and scans through its new assistant, Robinhood Cortex.
Traders will be able to create tailored chart indicators and run personalized market scans without writing code.
Futures trading on Legend also expands to more than 40 CME Group products, including oil, gold, Bitcoin and the S&P 500, with low-cost commissions for Robinhood Gold members.
The Legend ladder widget now supports one-click trades across multiple asset classes.
In addition to AI and futures, Robinhood announced new ladders for mobile trading, overnight index options, short selling capabilities, and device linking between mobile and Legend.
These tools are aimed at giving sophisticated users more flexibility and speed as they trade across stocks, ETFs, crypto and futures.
Overnight index options will begin trading early next year, while short selling and expanded ladders will roll out in the coming months.
According to Benzinga Pro, HOOD stock has gained over 501% in the past year. Investors can gain exposure to the stock via YieldMax Dorsey Wright Hybrid 5 Income ETF (NASDAQ:FIVY).
HOOD Price Action: Robinhood Markets shares were up 3.09% at $122.15 at the time of publication on Wednesday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
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