The trading platform Robinhood, once a symbol for rebellious retail investors, is in search of its new identity three years after the peak of the meme stock hype. With three consecutive quarters of positive net profits and a stock price that has risen more than 50 percent this year, the company appears to be charting a new course. However, long-term investors are wondering where this path will lead.

Driven by a surge in Bitcoin trading and higher interest rates that have boosted Net Interest Income, Robinhood was able to offset the declining revenue from Payment for Order Flow, its traditional core business. However, CEO Vlad Tenev faces the question of which direction the company should take.

Robinhood seems to be moving in three different directions simultaneously.

Tenev sees the credit card as just the "beginning" of a broader offering. The strategy suggests the development of a super app that integrates various business areas such as trading, payments, and savings products. However, such all-in-one solutions carry the risk of losing the clarity of the business model.

Robinhood's shares are currently trading at 27 times projected earnings – a significant premium compared to competitors like Interactive Brokers (18 times earnings) or Charles Schwab (17 times earnings). This reflects the market's optimism, but compared to the cryptocurrency exchange Coinbase, which is valued at 37 times earnings, there is still room for growth.

Next month, Robinhood plans its first customer conference in Miami and promises 'brilliant' new products. For long-term investors, it will be crucial to gain clarity on the company's future direction now that the turbulent phase of the meme stock boom is over.