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.
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.