Robinhood (Hood) works rose in pre-market activity on Thursday after the popular trade app reported earnings in the fourth quarter, beating Wall Street estimating the driven by a massive leap in crypto revenue.

The company reported $ 358 million in Crypto-Transaction Revenue in the quarter, the highest contribution from trade in digital assets to date, Wall Street Bank JPMorgan (JPM) said in a research report on Wednesday.

JPMorgan raised its price target for the stock to $ 45 from $ 39 while maintaining its neutral assessment. Citi (C) raised his target to $ 60 from $ 45 and kept its neutral rating on the stock. Broker Bernstein doubled that price target to $ 105 from $ 51 and kept a better rating of the shares.

The stock jumped 13% to $ 63.20 in the early trade Thursday after results released after the market closed on Wednesday.

Robinhood said the fourth-quarter revenue rose 115% from the previous year to $ 1.01 billion and beat the Wall Street analysts’ estimate of $ 945.8 million, according to Factset data. Transaction-based earnings increased 200% year to year, mainly due to an increase of 700% in cryptocurrency revenue.

Crypto revenue usually contributes 10% -20% of total revenue, noted JPMorgan. 46% jumped in the total market capacity of cryptocurrency during the period and the increase in robinhood perception volumes, which were 393% higher quarter to quarter, burned the income company.

The company has big plans for its cryptic business. “The management is looking to add more symbols, strengthen its wallet offering, add an order book with the Exchange Routing functionality, integrate Bitstamp and explore tokenization in the longer term,” the report said.

Robinhood has benefited from favorable trends since the beginning of the year, with “Crypto Market Tailwinds and the retail activity remain strong,” Citi said.

If this positive background is maintained, the shares are likely to see support but investors should expect volatility. While the bank has become more positive about the company’s basic prospects, it said it preferred to wait for a “more reasonable entrance point.”

Bernstein reiterated that Robinhood was the best idea in the broker’s global digital assets coverage. It said it expected the momentum in the first quarter “driven by Crypto Volatility and a sustained pricing cycle.”

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