Mizuho analyst Dan Dolev says his survey of retail stock traders shows Square’s (SQ) Cash App benefited most from last week’s drama surrounding Robinhood’s trading restrictions on stocks like GameStop (GME). Nearly 40% of the 80 survey respondents who switched to other retail trading apps said they shifted to Cash App, exceeding users leaving for other retail trading apps like Stash, Fidelity or TD Ameritrade, Dolev tells investors in a research note. Of those who switched to Cash App, about one-third were net new users, and nearly three-quarters expressed interest in additional products such as bitcoin and Cash Card, adds the analyst. Dolev notes that nearly 50% of those who reported leaving Robinhood said they would consider returning at some point. The analyst keeps a Buy rating on Square with a $300 price target.
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