BlockBeats News, April 30, JPMorgan analyst Kenneth Worthington predicted that Robinhood (HOOD) may struggle to sustain its record-breaking cryptocurrency trading revenue in the fourth quarter of 2024, and the first quarter of 2025 may see a decline in digital asset trading volume. The trading platform is set to release its first-quarter earnings report after the market close on May 1. The report indicates that Robinhood's cryptocurrency trading revenue surged by 700% in the last quarter of the previous year, driving a significant increase in overall trading revenue. However, due to the late-quarter stock and bond sell-off and the cryptocurrency market pullback in the first quarter, the quarterly cryptocurrency trading volume is expected to drop from $71 billion in the fourth quarter to $52 billion. The Assets Under Custody (AUC) are expected to decline by 5% to $183.3 billion quarter-over-quarter, but still show a 41% year-over-year growth.
Despite the retail buying frenzy stimulated by the U.S. tariff policy in early April, analysts believe it will be challenging to reverse the first-quarter downturn. Weak demand for margin and derivative trading could further drag down performance. JPMorgan maintains a "Neutral" rating with a target price cut of $1 to $44, implying about a 10% downside from the current $49 share price. (CoinDesk)
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