Robinhood December volumes better than expected, says Piper Sandler

Piper Sandler increased estimates for Robinhood (HOOD) saying the company announced better than expected December to-date trading volumes. The most surprising data point is the resilience in crypto volumes post-election, as crypto volumes declined just 20% from elevated November volumes and came in over two-times higher than Piper’s previous estimate, the analyst tells investors in a research note. Piper increased its Q4 earnings per share estimate to 47c from 33c due to the impact of stronger than expected December trading volumes. The firm keeps an Overweight rating on Robinhood with a $54 price target