Robinhood Markets' (HOOD) August metrics report was "mixed" overall, Deutsche Bank said when compared to its own forecasts.
Deutsche Bank analysts said Friday that crypto volumes in August were weaker than expected with options volumes flat month-over-month while equities were performing better than expected.
Robinhood reported late Thursday total platform assets of $303.9 billion at the end of August. Robinhood App Crypto Notional Trading Volumes were $13.7 billion, while, total equity trading volume in August was $199.2 billion.
Deutsche Bank said Robinhood's securities lending revenue and margin loan balances tracked "materially" ahead of its forecasts, while organic growth in August stayed "solid" at 19% annualized.
The bank said it continues to see the trend for crypto volumes as "quite strong" in Q3, with a potential increase of about 50% compared with Q2.
Deutsche Bank maintained its buy rating on the stock and lifted its price target to $129 from $128.