Robinhood price target lowered to $58 from $62 at Needham

Needham lowered the firm’s price target on Robinhood (HOOD) to $58 from $62 and keeps a Buy rating on the shares. The company reported a modest top-line beat but narrow miss on adjusted EBITDA as crypto volumes softened in Q1 while options and equities remained robust, the analyst tells investors in a research note. Prediction market volumes so far are in line with the firm’s projections, and Needham also notes that futures and Gold card in particular were positive callouts, with card users increasing to 200k from 100k.