Rothera: We Predict Upside

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Rothera: We Predict Upside

FinTech & Digital Assets

Robinhood Markets, Inc. (HOOD)

EQUITY RESEARCH Company Update

June 9, 2026

Rothera: We Predict Upside Price: $85.04

Price Target: $110.00 (From Rothera will enable HOOD to better monetize prediction market volumes. $100.00)

We believe HOOD's launch of Rothera (HOOD’s JV with Susquehanna/SIG)

Rating: Overweight will drive upside not yet reflected in Street numbers. Today, HOOD primarily

Key Statistics: earns retail brokerage economics on prediction market volumes, while a

Symbol NSQ: HOOD third-party provider (Kalshi) captures the underlying exchange economics.

52-Week Range 63.52 - 153.86 We believe a large majority of these exchange economics will be re- Market Cap 76,615.1

captured by the Rothera JV over time. ADV (3 mo) 29,358,588

EV ($M) 99,158 We raise our estimates and price target to reflect the impact of the Shares Out (M) 791.2

Rothera JV. Our scenario analysis evaluates the impact of several factors,

including contract volumes, Rothera penetration, and customer pass- Research Analysts:

through rates. Based on this analysis, we raise our FY26/FY27/FY28 revenue Ramsey El-Assal

212-915-1239 estimates by ~3%/6%/7% on a reported or "gross" basis. Given HOOD's

Ramsey.El-Assal@cantor.com 45% stake in Rothera, we note that a portion of the JV's economics will

Brett Knoblauch, CFA ultimately be attributable to JV-partner SIG through a below-the-line NCI

212-610-2221 adjustment. In this context, the "net" economics attributable to HOOD Brett.Knoblauch@cantor.com

shareholders imply revenue upside closer to ~2%/3%/4% on a "net" basis Shray Gurtata

212-829-4964 and EPS upside closer to ~2%/3%/3%, we believe. Accordingly, we raise our

Shray.Gurtata@cantor.com price target to $110 (vs.