News Markets: Citi Downgrades Robinhood, Says FTX Fallout Will Weigh on Crypto Trading Revenue The bank downgraded the trading platform to neutral from buy, with a lowered price target of $10. #News #Business #Crypto

Robinhood Markets (HOOD) faces potential headline risk from imminent SEC market structure proposals, a cautious stock market outlook and potential fallout from the FTX collapse hitting crypto trading revenue, Citi (C) said in a research report Tuesday. The bank downgraded its rating on the stock to neutral from buy and cut its price target to $10 from $11. Robinhood shares rose 0.2% to $9.58 in premarket trading. The stock has fallen around 40% this year. The collapse of FTX and the resulting fallout has a number of potential implications for Robinhood, the report said. These include the potential liquidation of 56.3 million shares owned by FTX founder Sam Bankman-Fried, the removal of FTX as a potential acquirer, and lower crypto trading revenue due to the “substantial price declines and material deterioration in investor confidence. Citi expects Robinhood’s trading revenue to drop over 50% next year after a more than 50% decline in 2022. The bank notes that Robinhood has $7 in net cash per share, which should support the stock. By Will Canny, Dec 13, 2022, https://www.coindesk.com/markets/2022/12/13/citi-downgrades-robinhood-says-ftx-fallout-will-weigh-on-crypto-trading-revenue/

vya4slav's Recent Blog Posts

Non-fungible token (NFT) marketplace Magic Eden has updated its position on creator royalties, saying Thursday that it is launching a protocol that will enforce royalties on all new collections that…
1 year ago
BlackRock CEO Larry Fink said that "the next generation for markets, the next generation for securities, will be tokenization of securities." In the world of blockchain,…
1 year ago
Italy looks set to become the latest European country to cash in on crypto businesses moving into the region, with a plan to tax digital trading. In a proposal bundled in with the country’s…
1 year ago
Casa, a popular Bitcoin self-custody firm, is adding Ethereum support to its platform in what some may consider an unlikely move. An overhauled version of the Casa app will launch in January,…
1 year ago
Non-fungible token (NFT) trading is now available on Uniswap, the decentralized crypto exchange said Wednesday. Uniswap users will be able to trade digital collectibles across OpenSea, X2Y2…
1 year ago