Robinhood shares tumbled more than 10% in premarket trading on Thursday following its third-quarter earnings report.UnmuteRobinhood shares slumped more than 10% in pre-market trading on Thursday following the platform's third-quarter results, but the negative reaction is hardly surprising given the stock has more than doubled this year, JPMorgan said in a research report.
JPMorgan viewed the quarter as a"seasonal deceleration in the business after a robust 1H24 with record net deposit growth." It cut its price target on the shares to $20 from $21, while maintaining its underweight rating on the stock.
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