Why this long-time Robinhood bear is tossing in the towel after the stock's 260% run higher

Yahoo Finance01-07 20:46

With Robinhood's (HOOD) stock up a sizzling 260% over the past year, a long-time Wall Street bear is finally tossing in the towel. JP Morgan analyst Ken Worthington upgraded his rating on Robinhood ...

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Worthington had held an Underweight rating on the stock — the equivalent of a sell — since the trading platform company's much-hyped initial public offering  in July 2021.Shares of Robinhood slipped almost 1% in pre-market trading.\"Our upgrade comes on a still constructive investment environment, a higher-for-longer interest rate environment and a more credible ability to better monetize its customer base,\" Worthington wrote in a note to clients.\"Ultimately, we think Robinhood has made notable progress in legitimizing its operations vs. its primary reliance on meme-stock trading three years prior. In particular, new product development including its credit card, solicitation of active traders, the buildout of its cryptocurrency platform, and the buildo","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"HOOD":"Robinhood","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","BK4227":"交易和支付处理服务","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","BK4535":"淡马锡持仓","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","BK4527":"明星科技股","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","AXP":"美国运通","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU1043141396.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","BK4547":"WSB热门概念","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","COIN":"Coinbase Global, Inc.","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","GS":"高盛","BAC":"美国银行","BK4127":"投资银行业与经纪业","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","MS":"摩根士丹利","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","JPM":"摩根大通","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","IPO":"Renaissance IPO ETF","V":"Visa","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC"},"translate_title":"为什么这只长期持有Robinhood的熊在股价上涨260%后认输","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AXP":1,"V":1,"IPO":1,"HOOD":1,"COIN":1,"BAC":0.9,"MS":0.9,"JPM":0.9,"GS":0.9},"content_text":"With Robinhood's (HOOD) stock up a sizzling 260% over the past year, a long-time Wall Street bear is finally tossing in the towel. \nJP Morgan analyst Ken Worthington upgraded his rating on Robinhood shares to Neutral from Underweight on Tuesday. Worthington had held an Underweight rating on the stock — the equivalent of a sell — since the trading platform company's much-hyped initial public offering (IPO) in July 2021. \nShares of Robinhood slipped almost 1% in pre-market trading.\n\"Our upgrade comes on a still constructive investment environment, a higher-for-longer interest rate environment and a more credible ability to better monetize its customer base,\" Worthington wrote in a note to clients.\n\"Ultimately, we think Robinhood has made notable progress in legitimizing its operations vs. its primary reliance on meme-stock trading three years prior. In particular, new product development including its credit card, solicitation of active traders, the buildout of its cryptocurrency platform, and the buildout of the derivative trading (including the potential for event-driven products/betting products) over time,\" he added.\nRead more: Here's what other analysts are rating Robinhood's stock\nTo Worthington's point, it has taken Robinhood a series of steps to get into the good graces of investors more broadly. \nIn October, Robinhood said it would launch futures and index options trading, and introduced Robinhood Legend, billed as a sleeker platform that targets more sophisticated traders. \nJune of last year brought the acquisition of crypto exchange Bitstamp, while it scooped up AI-powered investment research firm Pluto in July. It also took aim at credit players American Express (AXP) and Visa (V) in March, with the launch of a credit card that offers 3% cashback.\n\n\n\n  Robinhood co-founder and CEO Vlad Tenev (right) talks with Yahoo Finance executive editor Brian Sozzi about the company's 2025 outlook after a comeback year in 2024.\n \n\n  Yahoo Finance\n \n\nRobinhood co-founder and CEO Vlad Tenev told Yahoo Finance in a December interview (video above) says his goal is to make Robinhood a one-stop shop for building generational wealth.\nCombine the product drops with high interest rates, a crypto surge, and a leaner expense base after several rounds of layoffs, and Robinhood wowed investors with its 2024 results.\nIts third quarter revenue grew 36% year over year to $637 million. Net earnings improved sharply to $150 million from an $85 million loss a year ago.\nAverage revenue per user increased by 31% to $105. Gold subscribers hit 2.2 million. Total funded customers reached 24.3 million, up 1 million from last year.\nFor the nine months ended Sept. 30, total revenue has increased 39% to $1.9 billion. Net income has swung from a loss of $571 million to a profit of $495 million.\nTenev says Robinhood's business could grow by 10 times over the next 10 years by widening its product reach. The aforementioned futures trading, which is projected to launch in early 2025, is estimated by the company to be a nine-figure business.\nThe overall performance earned Robinhood the 2024 Yahoo Finance Comeback of the Year award.\n\nCrypto could be an important tailwind to businesses such as Robinhood and Coinbase (COIN) as a pro-crypto Trump administration arrives, experts recently said on Yahoo Finance's Opening Bid podcast (listen in above). The Biden administration and outgoing SEC Chair Gary Gensler have largely been viewed as anti-crypto, or neutral at best.\nTrump's pick for SEC chair, Paul Atkins, and the appointment of tech venture capitalist David Sacks as crypto czar has the crypto community in a frenzy. Bitcoin has sailed past $100,000 post-election.\n\"We think Robinhood customers and therefore Robinhood earnings perform well in stronger equity and cryptocurrency investing markets. Robinhood customers are not only generating positive returns, but they are outperforming underlying equity benchmarks like the S&P 500 and the Nasdaq 100. By layering on additional products and services, we see Robinhood being able to better monetize existing accounts, supplementing generally slow account growth,\" Worthington says.\n—\nBrian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on X @BrianSozzi, Instagram and on LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com. Three times each week, Sozzi fields insight-filled conversations with the biggest names in business and markets on Yahoo Finance's Opening Bid podcast. Find more episodes on our video hub. Watch on your preferred streaming service. Or listen and subscribe on Apple Podcasts, Spotify, or wherever you find your favorite podcasts.\nClick here for the latest stock market news and in-depth analysis, including events that move stocks\nRead the latest financial and business news from Yahoo Finance","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2501037572"}