Robinhood's assets under custody reach $118.7bn in February due to strong trading activity, with Bernstein analyst predicting a ninefold increase in crypto-related revenue.
Robinhood shares surge after strong February trading and account activity, with assets under custody (AUC) increasing 16% month-over-month to $118.7bn. Bernstein analyst Gautam Chhugani initiates Robinhood with an "outperform" rating and a $30 price target, predicting that the firm's captive base of 11 million active traders will be uniquely positioned to benefit from the upcoming institutional adoption of cryptocurrencies. Chhugani expects the crypto market cap to reach $7.5 trillion from its current $2.6 trillion, which could result in Robinhood's cryptocurrency-related revenue increasing by ninefold.
March 14, 2024
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