Robinhood single-stock perps could be a ‘strong positive’ for HOOD shares, Mizuho says

A Mizuho survey of more than 600 active Robinhood Markets users points to significant appetite for single-stock perpetual futures, a product Robinhood has signaled it may offer in the U.S. The findings, published in a Wednesday research note, led analyst Dan Dolev to call the potential launch a "strong positive" for the brokerage's shares.

According to Mizuho, 94% of surveyed users said they would be likely or very likely to trade perpetual futures tied to individual stocks if Robinhood made them available. The survey also indicated that the contracts would not simply displace existing equity activity: 84% of respondents said they would fund such trading mostly or entirely with new money, suggesting limited cannibalization of Robinhood's current stock-trading business.

Robinhood said on Sept. 29 that it intends to introduce perpetual futures trading for U.S. users in the coming months, together with 24/7 trading for selected U.S. equities. However, Johann Kerbrat, Robinhood's senior vice president and general manager of crypto and international, recently told The Block that the company had no single-stock perpetual plans to announce. He added that Robinhood was still working through the SEC's latest innovation exemption covering tokenized stocks.

Mizuho's Dolev acknowledged uncertainty over the timing of any single-stock perpetual offering but argued it is "plausible" the product could arrive over the medium term. The firm reiterated its Outperform rating and $140 price target on HOOD. The note also pointed to Coinbase's September filing to list perpetual futures tied to large-cap U.S. stocks as evidence of broader industry interest in such contracts.