Close
With the increase in crypto trading volume in the last month, Robinhood’s 40% increase in revenue has sent the crypto market into a frenzy. According to analysts, the positive momentum observed in the first quarter has continued. This platform received a record 5 billion dollars in deposits in April.
KBW raised its price target to $21.50 from $20. JMP raised its target from $28 to $30.
The increase in digital currency transactions contributed to a 40% increase in revenue compared to the previous year.
According to analysts, the positive momentum continued in April with a record $5 billion in deposits.
According to Pooyan Music websit, trading platform Robin Hood (HOOD) reported strong first-quarter earnings yesterday.. While the increase in digital currency transactions caused a 40% increase in income compared to the previous year. This prompted some analysts to raise their earnings estimates and price targets.
KBW raised its price target to $21.50 from $20. At the same time, it maintained its market performance rating. Rival broker JMP raised its price target to $30 from $28. With this record, it repeated its top rank in the market. The stock, which closed yesterday at $17.85, rose more than 4 percent in early trading Thursday. Now this year it has grown by more than 40%.
Two other key points, KBW said, were strong customer acceptance of new products such as the Platform Gold Card and increased business EBITDA margins.
JMP noted that the firm “delivered $11.2 billion in net new deposits (44% annualized rate), including positive net flows from every major broker, as well as 75% of deposits from clients who have been on the platform for more than a year.” “
JMP said the popular trading platform added 500,000 new accounts in the quarter, more than all of last year. This is the highest quarterly record for new accounts since the first quarter of 2022. The broker also noted that the positive movement has continued. With a record 5 billion dollars in deposits in April against the monthly average of 3.7 billion dollars in the first quarter, the positive trend has remained strong.
JMP analysts led by Devin Ryan wrote: “We expect further momentum in deposits and new customers. An increase in the supply of gold is also increasingly helpful.”
Bernstein said he expects Robinhood to “put up a strong fight against the SEC and not back down from its crypto business.” Robin Hood received Wales’ warning on May 4. A notice is an initial warning from the regulator that it believes it has sufficient information to take an enforcement action.
Analysts Gautam Chogani and Mahika Sapra wrote: “We are still waiting for customer acquisition in the crypto business. At the same time, it travels its path in full regulatory transparency.
