Webull Is Having a Monster Quarter. Is BULL Stock Still a Buy?
Webull Is Having a Monster Quarter. Is BULL Stock Still a Buy?
Vandita JadejaFri, August 21, 2026 at 6:00 PM UTC
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BULL delivered a record $199M quarter after the PDT rule elimination but trades at 43x forward earnings, leaving just 1% upside to our $9.03 target.
HOOD's $75B market cap and IBKR's 77% pretax margin expose how far BULL's $4B valuation and thinner profitability still trail its peers.
PFOF rebates drove $113M of Q2 revenue, meaning any regulatory crackdown could reshape Webull's entire business model overnight.
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Webull just delivered its best quarter as a public company, and the debate now is whether the operating leverage on display justifies chasing the recent rally. My model says the market has already caught up.
Our 24/7 Wall St. price target for Webull (NASDAQ: BULL) is $9.03 over the next 12 months, implying roughly 1% upside from $8.97. The recommendation is hold at a 90% confidence level. Webull is a fundamentally better business than it was a year ago, but the stock has already priced in most of the near-term good news.
24/7 Wall St. Price Target Summary
Metric
Value
Current Price
$8.97
24/7 Wall St. Price Target
$9.03
Upside
1.03%
Recommendation
Confidence Level
90%
BULL Price Target — 24/7 Wall St.PDT Repeal Powered a Record Quarter
BULL is up 12.65% over the past week and 11.2% year to date, though shares are still down 42.13% over the past year and sit well below the $16.04 52-week high. Q2 revenue hit $198.83 million, up 51.21% year over year, with GAAP EPS of $0.04 versus a $0.025 estimate.
CEO Anthony Denier called the June 4th elimination of the Pattern Day Trader Rule the "defining event for the quarter." DARTs hit a record 1.6 million, options volume reached 213 million contracts, and customer assets grew 79% to $28.5 billion. Adjusted operating margin reached 31.5%. New AI trading tools announced this week added fresh momentum to the shares.
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Why Bulls See a Breakout Ahead
The bull case rests on durability. Management said August activity is "even stronger than July," suggesting PDT repeal is a durable, permanent step-change in engagement. Vega AI now has 480,000 active users, international funded accounts reached 810,000, and the pending Pi Securities acquisition in Thailand adds regional scale.
Northland Securities reaffirmed a Buy rating in July, and the current analyst consensus target sits at $12.33 with 3 Buy ratings and zero Sells. Our own bull-case scenario projects $17.64 within 12 months if operating leverage continues to compound.
BULL Analyst Ratings — 24/7 Wall St.
BULL Price Scenario — 24/7 Wall St.What Could Go Wrong
Order flow rebates delivered $112.96 million in Q2, meaning any PFOF regulation reshapes the model overnight. Contra revenue also jumped to $12.4 million from $5.1 million, and government inquiries into China connections remain unresolved.
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Bulls will argue the higher promotional spend is deliberate investment in international growth that is already showing returns. Our bear scenario lands at $7.54.
How Webull Compares to Robinhood and Interactive Brokers
Robinhood (NASDAQ: HOOD) is the closest direct competitor for active US retail traders. HOOD posted Q2 EPS of $0.62 on $1.31 billion of revenue and carries a $75.3 billion market cap. Webull's $4.02 billion valuation looks modest by contrast, but HOOD is meaningfully more profitable per dollar of revenue, which makes BULL's forward P/E of 43x look full.
Interactive Brokers (NASDAQ: IBKR) is the profitability benchmark. IBKR runs a 77% pretax margin with 5.19 million customer accounts and $930.3 billion in customer equity. Webull's $28.5 billion in customer assets is a fraction of that. On this peer set, our $9.03 target looks reasonable.
Webull Price Prediction 2026-2030
Our 24/7 Wall St. price target is $9.03 with a hold rating and 90% confidence. The scale-tipper is valuation: forward P/E above 40 already reflects a lot of PDT-driven optimism.
A pullback toward the $7.20 50-day moving average, or a Q3 print confirming sustained DART strength, would strengthen the bull case. Escalating PFOF regulation or continued climb in contra revenue would weaken it.
Year
24/7 Wall St. Price Target
2026
$9.03
2027
$8.99
2028
$9.36
2029
$9.69
2030
$10.05
These projections assume Webull executes on international expansion and defends US market share. A five-year bull case reaches $42.90 if operating leverage compounds; a bear case bottoms near $7.57 if PFOF economics erode.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Webull didn't make the cut. Grab the names FREE today.
Contact editorial@247wallst.com for any questions or corrections.
Source: “AOL Money”
