Shares of Robinhood rose 12% on Monday, marking another stellar session in what has become a banner year for the brokerage platform.
Robinhood stock was climbing 12% to $136.72. The stock's previous record close was $126.80 on Sept. 24. Shares have soared 256% this year and 467% over the last 12 months.
In a sign of Robinhood's increasingly diversified business, the stock seemed to get a boost from developments in both its ultra-luxury banking service and football prediction markets.
After markets closed Friday, CEO Vlad Tenev announced in a social media post that Robinhood was rolling out Robinhood Banking "to the first set of external customers."
The service will provide banking to Robinhood Gold members through its partner Coastal Community Bank, along with estate planning, tax advice, and access to ultra-luxury perks like private jet travel and Met Gala tickets. Robinhood is calling it "banking's biggest moment since the gold coin."
On a totally different side of the business, prediction market volume for both NFL and college football games spiked to $538 million on Kalshi over the weekend. As a Kalshi distribution partner, Robinhood gets 1 cent for each prediction contract traded on its platform.
Once known as a haven for small-dollar retail investors, Robinhood increasingly has positioned itself as a one-stop-shop for consumer financial services, from cryptocurrency trading to wealth management. That expansion may help the company retain customers and build new revenue streams.
"We believe checking and savings account at HOOD will result in stickier relationships, deeper wallet penetration, and higher trading volumes/turnover among HOOD's new and existing customers," wrote Jefferies analyst Patrick Moley in a research note Monday.
Meanwhile, money already is starting to roll in from the prediction markets partnership. Tenev said in a post before markets opened Monday that cumulative prediction market volume on Robinhood crossed 2 billion contracts in the third quarter. Jefferies expects that number to finish at 2.5 billion for the quarter, translating to $25 million in revenue.
The firm reiterated an Overweight rating and a $140 price target on the stock.