Robinhood Markets stock seen as vulnerable on dogecoin weakness: J.P. Morgan

J.P. Morgan analyst Kenneth Worthington calls Robinhood Markets' (NASDAQ:HOOD) stock price "vulnerable" on weak dogecoin (DOGE-USD) volume combined with "meaningful liquidity likely" coming in the stock starting next week. Specifically, the analyst points out that Q3 volumes, while still robust, slowed materially from Q2 levels. "In contrast to cryptocurrency peers, however, we aren't seeing the rebound in October," Worthington writes in a note to clients. Worthington rates the stock at Underweight with a $35.00 price target; it closed at $41.28 on Thursday. Estimates that crypto trading at Robinhood (HOOD) could fall 50% from Q2. He points out that crypto industry trading volume declined ~40% in Q3, but dogecoin (DOGE-USD) fell by ~75%, suggesting that Robinhood (HOOD) could decline more than its crypto peers. Note that in Q2, some 62% of its cryptocurrency transaction-based revenue was attributable to dogecoin. "Furthermore, as the volume declines, we expect that crypto-PFOF (payment for order