Webull Gets $7.77 Hold Target After Record Q2 and Q3 Revenue Miss

AnalystEarnings
โดย 24/7 Wall St.·USTH·Read original
Summary · why it matters

24/7 Wall St. has set a $7.77 price target on Webull with a hold rating and 90% confidence, implying 10.25% downside from the current price of $8.66. The call follows a mixed stretch in which Webull's Q3 2026 revenue reached $198.83 million, up 26.7% year over year but missing consensus by 8.97%, with GAAP diluted EPS of $0.04 falling short of the $0.065 estimate, while the prior Q2 quarter delivered record DARTs of 1.6 million, up 62% year over year, and customer assets of $28.5 billion, up 79%. CEO Anthony Denier called the SEC's elimination of the Pattern Day Trader rule on June 4, 2026 the company's defining event for the quarter, and Q2 adjusted operating profit jumped 169% to $62.6 million. The bear case rests on an 88.09% effective tax rate, negative operating cash flow of $250.9 million in the first half of 2026, revenue concentration with two counterparties at 19% and 11%, and $50 million of promissory notes due April 2027, with a bear-case target of $6.65. Webull's $3.95 billion market cap remains far below Robinhood's roughly $87.3 billion, and its forward P/E of 173 looks aggressive next to Interactive Brokers and Charles Schwab, though the $100 million Pi Securities deal in Thailand, which closed on August 31, 2026, targets THB 200 billion in assets under management and international funded accounts have reached 810,000.

Impact on stocks 4

Digital Finance & Tokenization▲ · 4 stocks
Webull Corp
BULL
± MixedCapitalrelevance

Mixed Q3 revenue miss and weak EPS/cash flow offset by record Q2 DARTs and a $7.77 hold price target.

Theme Impact 1

Off-coverage companies 1

Pi Securities Public Company LimitedPrivate▲ Positive
Capitalrelevance

Webull's $100 million Pi Securities deal in Thailand closed August 31, 2026, targeting THB 200 billion in AUM.

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