Robinhood (HOOD) shares slumped more than 10% in pre-market trading on Thursday following the platform’s third-quarter results, but the negative reaction is hardly surprising given the stock has more than doubled this year, JPMorgan (JPM) said in a research report.

The company missed many important revenue metrics including “account growth, new net assets, trade pricing, new gold account subscriptions,” the Wall Street bank said. Still, it is managing expenses well, and this supported earnings per share (EPS) for the quarter, the bank said.

JPMorgan viewed the quarter as a “seasonal deceleration in the business after a robust 1H24 with record net deposit growth.” It cut its price target on the shares to $20 from $21, while maintaining its underweight rating on the stock.

Robinhood reported net deposits of $10 billion in the third quarter, the lowest quarterly figure this year, and below the bank’s estimate of $11.2 billion.

Citi (C) said that despite the positive commentary that Robinhood gave for October, it expects the shares to come under pressure due to a top-line miss and recent outperformance. The bank has a neutral rating on Robinhood stock with a $23 price target.

JMP said Robinhood earnings were in line with its estimates and just a bit shy of consensus. Initial weakness in the shares was a “knee-jerk reaction,” the broker said. It maintained its bullish outlook on the company and raised its price target to $33 from $30. It kept its rating on the stock unchanged at market outperform.