Robinhood Shares Drop Amid Declining Trading Volumes
Robinhood Markets Inc. (HOOD) shares tumbled more than 8% Thursday after the trading platform reported weaker-than-expected November metrics. The company saw trading activity decline across equities, options, and cryptocurrency markets, with total assets under custody falling 5% to $325 billion.
The platform's customer base contracted slightly due to the removal of approximately 280,000 inactive accounts. Despite maintaining an Overweight rating, Cantor Fitzgerald trimmed its price target to $152 from $155, noting the stock's proximity to 52-week highs.
Robinhood's volatile year continues with this latest swing, adding to over 50 instances of 5%+ moves year-to-date. The platform remains a key beneficiary of crypto's mainstream adoption, with year-over-year activity still showing dramatic growth despite November's setback.
