Tom Lee Says Avoid Crypto Favorite Robinhood Stock Despite Record Q2 Growth

Fundstrat's Tom Lee updated his top stock ideas for 2026. He added JPMorgan and Arista Networks to his core list, but named Robinhood a stock to avoid.

His Investment Committee pushed back almost immediately. Panelists argued the call misreads a company that has become one of crypto's favorite stocks.

Why Tom Lee's Committee Pushed Back

Speaking on CNBC, Kevin Simpson, founder and chief investment officer of Capital Wealth Planning, disagreed most directly with Lee.

"I couldn't disagree more."

— Kevin Simpson, CNBC

He pointed to Robinhood's second-quarter results. Revenue rose 32% year-over-year to a record $1.31 billion. Diluted earnings per share climbed 48% to $0.62. Net deposits hit a record $22 billion, up 28% on an annualized basis.

Simpson said Robinhood has outgrown its early, pandemic-era reputation. He pointed to its purchase of a registered investment adviser and its in-house custodial platform.

https://www.youtube.com/watch?v=xcoNwS-ZU1o

Brenda Vingiello, chief investment officer at Sand Hill Global Advisors, sold her Robinhood shares in June, citing a breakdown in the stock's momentum. Still, she disagreed with Lee's broader call.

She said a crypto market recovery could lift the stock again, since Robinhood still tracks digital asset sentiment closely.