JPMorgan maintained its underweight rating on Robinhood stock, adhering to its $35 price target.
Analyst Kenneth Worthington cited weak Dogecoin (DOGE) volumes as the main reason he thinks the online brokerage practice is in a vulnerable state.
Dogecoin accounted for 62% of Robinhood’s revenue in the second quarter of the year.
Worthington says that unlike crypto-focused trading platforms, Robinhood did not see an increase in trading volume during the month of October.
“3. Quarterly volumes are strong but have slowed significantly compared to Q2 levels.”
Dogecoin is only up 15% this month. Doge’s biggest rival, Shiba Inu (SHIB), made a big debut. Robinhood CEO Vladimir Tenev declined to respond to speculation about the SHIB listing on social media.
Robinhood will announce its third-quarter earnings on October 26.
