Quick Read
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BULL grew customer assets to $24 billion and revenue 36%, but marketing costs doubled and flipped Q1 profit into a $21 million loss.
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Every covering analyst rates BULL a Buy with a $12 consensus target, while the June 4 FINRA PDT rule elimination could unlock active trading volumes.
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Reaching $13 demands PDT volumes lifting order flow, international expansion contributing, and marketing spend pulling back from $49 million to rebuild operating profit.
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Webull (NASDAQ:BULL) runs one of the fastest-growing retail brokerage platforms globally, with more than 27 million registered users and operations across 15 markets. Yet shares trade at $6.54, down 15.83% year to date.
Q1 2026 revenue jumped 36% to $159.93 million, customer assets climbed 90% to $24 billion, and equity notional volume doubled to $261 billion. Can BULL double to $13 by 2027?
Why Webull Shares Are Stuck Despite Triple-Digit Growth
The disconnect is profitability. Webull posted a Q1 2026 GAAP net loss of $21.72 million, a swing from +$13.09 million a year earlier. Marketing and branding expense more than doubled to $49.41 million, and total operating expenses rose 68% versus revenue up 36%. That cost structure spooked traders.
BULL is down 38.94% over one year and 7.63% over the past month, though shares popped 16.79% last week. One Quiver Quantitative headline summed it up: "Webull slides as investors digest Q1 loss and sharply higher expenses." With a beta of 0.57, this is fundamentals-driven. The market wants proof that growth spending converts to earnings.
Wall Street Sees 83% Upside. Our Model Says 52%
Every covering analyst is bullish. Three Buy ratings, zero Holds, zero Sells, with a consensus target of $12, implying 83.49% upside. Northland Securities' Michael Grondahl targets $14.
Our model is more conservative. The base case is $9.97 over the next year, a 52.43% upside with 90% confidence. The bull case reaches $20.15, the bear case sits at $8.19.
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Wall Street likely has it closer to right. With 100% bullish analyst sentiment and regulatory tailwinds, the gap between $9.97 and $12 looks like model conservatism.
The Path to $13 Per Share
Reaching $13 from $6.54 requires a 98.8% gain. Effectively a double.
With forward EPS near $0.15 (annualizing Q1 estimates near $0.03 to $0.05), $13 implies a forward P/E of 87x. Our $9.97 base case implies roughly 66x, so the bold target requires 21x additional multiple expansion. If forward EPS scales toward Q3 2025's $0.07 quarterly run rate (~$0.28 annualized), $13 implies only 46x.