Robinhood (HOOD) shares fell over 13% on Thursday after the trading platform did not meet Wall Street's expectations for third-quarter earnings. However, one analyst remains optimistic about the company's stock.

The platform missed several key revenue metrics, including account growth, new net assets, trade pricing, and new gold account subscriptions according to JPMorgan. Nevertheless, it managed its expenses effectively, supporting its earnings per share (EPS) for the quarter.

JPMorgan characterized this quarter as a seasonal slowdown following a strong first half of 2024, where record net deposit growth was achieved. They lowered their price target for Robinhood shares from $21 to $20, keeping a underweight rating.

Despite the decreased expected deposits, which totaled $10 billion for the third quarter, lower than the $11.2 billion estimated by the bank, the firm cited Robinhood's optimistic outlook for October.

Citi also noted that they predict continued pressure on Robinhood's shares following a missed top-line figure and the prior outperformance. They recommend a neutral stance with a price target of $23.

Conversely, the broker JMP retained a positive outlook on Robinhood, stating that the earnings met their predictions and remained marginally below consensus, adjusting their price target from $30 to $33 and maintaining a market outperform recommendation.