Rating Robinhood Shares, Proposition 22 Ruled Unconstitutional & Klarna CEO on Customer Growth

TechCheck

CNBC

Management, Cnbc, Tech, Faang, Investing, Business, Disruptors, Technology

4.5 • 66 Ratings

🗓️ 23 August 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Our anchors kick off today’s show with a host of initiations on newly public stock Robinhood. Then, JMP Securities’ Devin Ryan is here to explain why he has an outperform rating on the stock. We also bring you the latest details on a judge ruling Proposition 22, California’s gig worker law, unconstitutional. New York Times Contributor and “Sway” Podcast Host Kara Swisher joins to further break down this new road block to companies like Uber, Lyft and DoorDash. Next, Klarna Co-Founder and CEO Sebastian Siemiatkowski joins as the company reaches 20 million users in the U.S. amid surging demand for flexible payment services. Then, Rhodium Group Senior China Tech Analyst Jordan Schneider joins to share his take on the China crackdown and which sectors he thinks may get hit next. Plus, as Bitcoin reaches its highest level since mid-May we have CNBC’s Kate Rooney cover the rise in popularity of crypto trading among new investors and CNBC’s Mackenzie Sigalos on crypto adoption in Afghanistan. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	I'm Julia Borsden, and you're listening to CNBC's Tech Tech.
0:03.3	Our show is live weekdays at 11 a.m. Welcome to Tech Check. I'm Carl Kintanaia with John Ford, who's back. Deirdrebozo, of course.
0:32.1	As David said, S&P just hit that all-time high this morning. Nasdaq got one of its own as well,
0:37.1	rallying up
0:37.8	to more than a percent at session highs and a new price on Bitcoin above 50K. We'll talk about
0:43.8	all of that. Coming up on the show today, call it a peek under the hood. A bull-beard debate on
0:48.1	Robin Hood as a host of names initiate the stock. Then the CEO of Fintech Powerhouse, Clarnas,
0:53.3	is going to join us as the company
0:54.8	hits a record 20 million customers. Finally, Facebook releasing that previously shelved transparency
1:01.5	report. We'll talk about some of the data that they put forward that they did not perhaps
1:06.6	want you to see earlier later on this hour. John? Yeah, and just in case you're trading those all-time highs, we will start with Robin Hood,
1:13.1	getting a host of initiations today from a number of big banks in some of the first calls
1:18.7	by the street since its July IPO.
1:23.7	Keep in mind, shares are up more than 10% from the IPO pricing, but almost 50% off the highs.
1:30.8	And analysts overall seem to rate it, meh, with neutral or equal weight ratings from several of the top firms, including Goldman Sachs,
1:38.0	even a rare underweight call from J.P. Morgan.
1:40.5	On the bullish side is Mizzouio initiating with a buy and a $68 price target, calling it not a meme, but a singularity for Gen Z. The cautious analysts see more regulation and competition ahead, though. The stock moving higher today, Carl.
1:57.3	Guys, the question is, then, where will Robin Hood go from here?
2:04.8	Fresh off some calls today, Piper Sandler's Rich Ruppetto's with us, who has a neutral and JMP securities, Devin, who has it now performed.
2:08.3	Devin, appreciate your time to start things off.
2:11.2	You do make the point that the firm's growth has not been without controversy at moments,
2:15.9	but we believe it's been battle tested and prevailed
	...

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