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JPMorgan Chase Maintains "Underweight" Rating On Robinhood

Mary Liu

Summary: According to a report from U.Today, Kenneth Worthington, a JPMorgan Chase analyst maintains Robinhood an "underweight" rating with a target price of $35.  One of the reasons is the weak trading volume of Dogecoin. Worthington found, unlike trading platforms that focus on cryptocurrencies, Robinhood failed to see a surge in trading volume in October this ...

According to a report from U.Today, Kenneth Worthington, a JPMorgan Chase analyst maintains Robinhood an "underweight" rating with a target price of $35. 

One of the reasons is the weak trading volume of Dogecoin. Worthington found, unlike trading platforms that focus on cryptocurrencies, Robinhood failed to see a surge in trading volume in October this year, compared with the level in the second quarter of 2021, there has been a significant slowdown.

Dogecoin trading accounted for 62% of Robinhood's crypto-related revenue in Q2. At the time of writing, Robinhood is trading at $39.9, a daily decline of 3.34%.

By Mary Liu

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