A week after hitting the public market, Robinhood Markets Inc (NASDAQ: HOOD) hit new all-time highs Wednesday.

Robinhood valuation is starting to look expensive, according to Hightower Advisors Stephanie link said on CNBC’s “Squawk Box”.

This is a pay-to-order flow story, with crypto being a “boost” for the business, Link said.

Robinhood’s revenue grew 5% to 10% in the second quarter, while payments for order flow fell 23%, she said, adding that this data shows payment for the flow of Orders is very competitive and Robinhood’s crypto market share is likely increasing.

Even with the growth of crypto, the stock is “super expensive” at 11 times the asking price, Link said. To put this in perspective, Charles Schwab Corp (NYSE: SCHW) is trading at seven times the asking price and the company is much more diverse, she added.

See Also: Here’s How Many Robinhood Users Bought The IPO

The founders of Robinhood have 67% of the voting rights, which Link noted as a “yellow flag.”

Robinhood is by far the most mentioned action on the r / WallStreetBets subreddit in the last 24 hours.

Robinhood climbed 52% shortly after the opening bell, trading around $ 71.35.

Photo: Henrique Pinto from Flickr.