Robinhood Reports Strong Q1 Earnings Fueled by Surge in Crypto Trading
Robinhood reported strong Q1 earnings with a 40% YoY increase in revenue driven by a surge in crypto trading. KBW and JMP raised their price targets to $21.50 and $30, respectively, due to positive momentum and record deposits of $5 billion in April. The trading platform added 500,000 new accounts in the quarter and received a Wells Notice from the SEC regarding its crypto business, but analysts expect continued customer traction in crypto trading.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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