Bitcoin ETF launches Are Positive For Robinhood, But Limited Direct Driver of Transaction Revenue: Analyst
Portfolio Pulse from Anusuya Lahiri
Needham analyst John Todaro reiterated a Hold rating on Robinhood Markets, Inc (NASDAQ:HOOD), modestly increasing his Q4 2023 estimates due to higher crypto transaction volumes. He expects crypto revenue to be a main driver of growth but sees Bitcoin ETF launches as a limited direct driver of transaction revenue. Todaro increased net interest revenue estimates for 2024, noting HOOD's fair valuation and projecting Q4 revenue and EPS at $445 million and $(0.02) respectively. HOOD shares rose 0.32% to $10.95.

February 02, 2024 | 7:10 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Needham analyst John Todaro holds a positive outlook on Robinhood, with increased Q4 2023 estimates due to higher crypto transaction volumes, expecting crypto revenue to drive growth. Bitcoin ETF launches seen as limited revenue drivers, with HOOD shares rising 0.32% to $10.95.
The positive adjustment in Q4 2023 estimates by analyst John Todaro, driven by higher crypto transaction volumes, indicates a bullish outlook for Robinhood. The launch of Bitcoin ETFs, although seen as a limited direct driver, contributes to a positive sentiment around HOOD. The stock's recent price action, rising 0.32% to $10.95, reflects market optimism and could suggest short-term upward momentum.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100