Robinhood Eyes Major Growth With New Trading Features, While Coinbase Rides Crypto Surge: Analyst
Robinhood Eyes Major Growth With New Trading Features, While Coinbase Rides Crypto Surge: Analyst
On October 16, Robinhood Markets is hosting an active trader summit in Miami, Florida. The analyst expects the company to introduce its new web-based trading platform and reveal a launch date for the roll-out of index options and futures trading to its 24 million customers.Piper Sandler analyst Patrick Moley said the volatile trading environment drives third-quarter outperformance for exchange and trading companies, leading to a strong backdrop for retail brokers.
派傑投資分析師帕特里克·莫雷表示，波動的交易環境推動了交易所和交易公司第三季度的業績表現，爲零售經紀公司提供了強勁的支撐。
Moley maintained Robinhood Markets Inc (NASDAQ:HOOD) with an Overweight rating and a $27 price target.
Moley 維持羅賓漢市場（納斯達克:HOOD）的超配評級，目標價爲27美元。
Despite Net Interest Income headwinds from the lower rate environment, Moley noted several distinctive near-term opportunities for Robinhood Markets that should help drive continued earnings growth.
儘管受利率期貨的利差風險影響，Moley指出羅賓漢市場在近期有幾個獨特的機會，這些機會應有助於推動持續的盈利增長。
On October 16, Robinhood Markets is hosting an active trader summit in Miami, Florida. The analyst expects the company to introduce its new web-based trading platform and reveal a launch date for the roll-out of index options and futures trading to its 24 million customers.
羅賓漢市場將於10月16日在佛羅里達州邁阿密舉辦一次活躍交易員峯會。分析師預計公司將推出其新的基於網絡的交易平台，並公佈推出指數期權和期貨交易給其2400萬客戶的日期。
He expects these new products to increase trading velocity among Robinhood Markets' existing customer base and index options and futures trading to be priced lower than competitor platforms. Moley noted that this should drive market share gains for Robinhood Markets in the high Average Revenue Per User (ARPU), web-based active trader segment that accounts for nearly 50% of the retail market where Robinhood Markets has zero exposure today.
他預計這些新產品將提高羅賓漢市場現有客戶群的交易速度，指數期權和期貨交易的定價將低於競爭對手平台。 Moley指出，這將推動羅賓漢市場在佔零售市場近50%、其中羅賓漢市場今天沒有曝光的高平均用戶收入（ARPU）和基於網絡的活躍交易員細分市場中市場份額的增長。
Moley expects the fiscal third quarter of 2024 to be the second strongest quarter in Robinhood Markets' history in terms of both revenues and adjusted EBITDA. The analyst expects total revenues to increase 43% year-on-year (<1% Q/Q), driven by Y/Y increases across all major revenue lines.
Moley預計2024財年第三季度將成爲羅賓漢市場歷史上第二強勁的季度，無論是營收還是調整後EBITDA。分析師預計總營收將同比增長43%（Q/Q不到1%），這是由於所有主要營收線均出現同比增加所導致的。
Within transaction-based revenues, he expects Robinhood Markets' crypto trading revenue to increase by 184% Y/Y (-19% Q/Q), driven by continued substantial trading volumes and net deposit growth.
在基於交易的營收內，他預計羅賓漢市場的加密貨幣交易營收將同比增長184%（Q/Q下降19%），這是由持續大規模交易量和淨存款增長所推動的。
Moley expects higher rates for most of the quarter and higher customer balances to push a 20% Y/Y (+6% Q/Q) increase in NII. The analyst's adjusted EPS estimate of $0.17 in the third quarter would represent the second-highest quarterly EPS for Robinhood Markets since the fiscal second quarter of 2020.
Moley預計在大部分季度內利率較高，客戶餘額較高，這將推動淨利息收入同比增長20%（Q/Q增長6%）。分析師對2024財年第三季度的調整後每股收益估計爲0.17美元，這將是羅賓漢市場自2020財年第二季度以來的第二高季度每股收益。
Moley reiterated a Neutral rating on Coinbase Global Inc (NASDAQ:COIN) with a price target of $245.
Moley重申對Coinbase Global Inc（納斯達克：COIN）的中立評級，目標價爲245美元。
The analyst expects total revenues to increase by 88% Y/Y (-12% Q/Q) to $1.27 billion in the third quarter. The Y/Y increase is driven by a combination of higher volumes driving higher Transaction revenues, higher crypto prices driving higher blockchain reward revenues, and higher interest rates & higher USDC market cap driving higher NII.
分析師預計，第三季度總營業收入將同比增長88%（環比下降12%），達到127億美元。同比增長受到交易量增加推動交易營收提升，加密貨幣價格上漲推動區塊鏈獎勵營收增加，利率期貨及美元幣市值上漲推動淨利息收入增加的影響。
Moley expects transaction revenues in the third quarter to increase 118% Y/Y (-19% Q/Q) as a ~158% Y/Y increase in trading volumes is only modestly offset by an estimated ~2.5bp decrease in the blended fee capture.
Moley預計第三季度交易營收將同比增長118%（環比下降19%），因爲交易量同比增長約158%，但受到混合費率略微降低約2.5個點子的影響。
The analyst forecasted an adjusted EBITDA of $782 million in the third quarter, up from $596 million in the second quarter.
分析師預測第三季度調整後的息稅折舊及攤銷前利潤（EBITDA）爲78200萬美元，較第二季度的59600萬美元增長。
Price Actions: HOOD stock is up 8.25% at $25.25 at last check Tuesday. COIN is down 1.72% at $166.02.
股價行動：HOOD股價在上週二的最後一次交易中上漲了8.25%，報25.25美元。COIN股價下跌了1.72%，報166.02美元。
Image via Shutterstock
圖片來自shutterstock。
譯文內容由第三人軟體翻譯。