JPMorgan Chase maintains a “Reduce” rating on Robinhood stock and insists on its target price of $35. In a report on Friday, JPMorgan Chase analyst Kenneth Worthington pointed out that weak Dogecoin trading volume is a key reason for the fragility of the online brokerage application Robinhood.
It is reported that Dogecoin accounted for up to 62% of the company’s crypto-related revenue in the second quarter. Worthington wrote that, unlike trading platforms that focus on cryptocurrencies, Robinhood failed to record a surge in trading volume in October this year.