Webull’s July Trading Update Points Towards Q2 Beat, Says Bullish Analyst
Webull Corp (NASDAQ:BULL) reports second-quarter results after Wednesday’s close. Rosenblatt Securities analyst Chris Brendler expects the company to beat consensus, citing its July trading update.
The Webull Analyst: Brendler maintained a Buy rating and price target of $13. Although the company’s total ADV (average daily volume) declined 12% sequentially, the July run rate remained about 10% above Rosenblatt’s third-quarter estimate, Brendler said in the note.
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He further noted that Webull’s July update included the following:
- Equity notional volume contracted by 23% sequentially to $81.9 billion
- Equity ADV fell 26%
- Equity DARTs (daily average revenue trades) declined 20% to 1,069,000
- Options contracts fell 0.8% to 88.7 million
- Options DARTs remained flat at 653,000
July’s sequential results were measured against June’s performance, which was a record high and Webull’s first full month under the new PDT rules, the analyst stated.
More importantly, July’s decline "is concentrated in equity notional, the lowest-monetization line in the P&L, equity spreads were 1.0bp in 1Q26, while options, the highest-revenue product, held," he further wrote.
Brendler drew the focus on year-on-year results, saying this is "where the thesis lives." He noted that, on a year-on-year basis:
- Options contracts are up 88%
- Options DARTs up 96%
- Equity DARTs grew 57%
- Total DARTs grew 73%
- Customer assets rose 62% to $27.3 billion
- Margin balances were up 63% to $926 million
Management expects revenue-per-trade and per-account data to inflect in the third and fourth quarters, the analyst said. Brendler says "there should be significant upside" in the back half of 2026.
BULL Price Action: Shares of Webull had declined by 1.9% to $8.00 at the time of publication on Tuesday.
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