Piper Sandler upgraded Robinhood stock to "overweight" from "neutral" this morning
The global selloff did a number on Robinhood Markets Inc (NASDAQ:HOOD), though the stock has been steadily climbing since then. The road to recovery started last Thursday, with a 3.6% post-earnings pop after the fintech company's upbeat earnings. Today, HOOD was last seen up 1.3% at $18.16, and earlier traded as high as $18.56, after Piper Sandler noted the recent pullback as a "buying opportunity" and lifted its rating to "overweight" from "neutral."
Despite the recent rally, Robinhood stock has yet to completely recover from the multi-day selloff that sent it to its lowest levels since February. However, HOOD's 14-day relative strength index (RSI) of 21.4 still sits firmly in "oversold" territory, which could indicate there's still a short-term bounce imminent. Year to date, the equity is up 43.8%.
Given the solid long-term outlook, HOOD's recent rally could gain more legs with a shift in analyst sentiment, considering 12 of the 19 brokerages in coverage carry a "hold" or worse rating. The 12-month consensus price target of $23.62, meanwhile, HOOD was trading above just last month before its sharp downturn.