Goldman Sachs stated most digital asset corporations will miss income estimates in posting their first quarter earnings and has downgraded Robinhood from impartial to promote, CoinDesk reported Friday (April 8).
Per the report, Wall Road expectations for the brokerage app firm are nonetheless too excessive. In keeping with Goldman’s analyst group, these estimates must come down.
Moreover, the analysts stated profitability in 2023 would solely have the ability to occur with the tough mixture of 10% or extra natural income progress plus macro tailwinds, however engagement is struggling proper now.
Goldman stated most digital asset corporations received’t attain their Q1 income estimates. Nevertheless, they stated Coinbase and Silvergate, together with Robinhood, can be the furthest beneath the analyst consensus.
The report stated Coinbase is predicted to see A1 buying and selling volumes of $302 billion, which is a decline from the $547 billion from This autumn.
In the meantime, Silvergate will probably have disappointing earnings, and within the wake of the addition of Meta’s Diem mission, belongings may weigh on the underside line and e-book worth within the close to time period. Goldman saved its purchase ranking on Silvergate’s shares.
PYMNTS just lately wrote that Robinhood was exploring including retirement accounts to its platform, in keeping with proof discovered inside the beta model of the iPhone app.
See additionally: Robinhood Beta Suggests Retirement Accounts Are Coming to the App
This might assist the brokerage app go towards the same old cash managers and inventory buying and selling platforms, including assist for conventional IRAs, Roth IRAs and pension accounts.
Code was discovered within the beta model of the app that added references to those issues, and the information got here from developer Steve Moser, who shared them with Bloomberg. The code seems to indicate that Robinhood would assist rolling over IRAs and making contributions, together with working with inherited IRA accounts.
This might assist the corporate compete extra immediately with conventional brokerages, as different cash managers and brokerage platforms have supplied these providers for some time now.
