Robinhood rises after Reuters report of Massachusetts probe into co's prediction marketplace

Shares of retail trading platform Robinhood HOOD.O rise 8.1% to $47.96

Massachusetts' top securities regulator is investigating HOOD's decision to launch a prediction-markets hub for betting on events like March Madness, Reuters reports

Event contracts let traders bet on specific outcomes, providing opportunities to profit from predictions in sports, entertainment, politics and the economy

HOOD says the event contracts it offers are regulated by the U.S. Commodity Futures Trading Commission and offered through CFTC-registered entities

13 out of 20 brokerages rate the stock "buy" or higher, 7 rate "hold" and their median PT is $70, as per LSEG data

Including session's moves, HOOD stock up 28.5% YTD