JPMorgan Chase has assessed Robinhood's third-quarter results as solid but lacking in quality due to weaker-than-expected cryptocurrency revenue. Despite earnings per share exceeding expectations by over 15%, this was largely due to tax benefits linked to stock option compensation. The bank's analysts have raised their price target for Robinhood from $122 to $130, maintaining a neutral rating, as they anticipate continued improvement in profit margins. Robinhood's stock fell 11% to close at approximately $127, driven by disappointing cryptocurrency net revenue of $268 million. The company's cryptocurrency expense ratio improved slightly to 67 basis points, but analysts warn that the business remains heavily reliant on a small number of active traders. Market expectations helped mitigate some of the revenue shortfall, but the overall impact of the crypto segment was significant.