Robinhood shares down 70% from August high

Market analysts are not surprised by the HOOD stock prices as long as it continues to expand its presence in cryptocurrency trading.
Robinhood’s share price is falling and could it be that Robinhood will increase its cryptocurrency offerings to help improve its outlook? Robinhood is a financial service company that also acts as a retail trading site for ordinary users. Robinhood (HOOD), which is well-known for its meme stocks, currently offers seven cryptocurrencies for trade. It has fallen nearly 70% since its ATH of $70.39 and $25.94, and has been below the $38 IPO cost for weeks. There are many factors that have contributed to the decline, including a drop in crypto- and meme stocks day trading as people return to work after the pandemic era. Robinhood saw big gains in Q2 2021, when Dogecoin trading (DOGE), accounted for 41% and 62% respectively of Robinhood’s total revenue. However, cryptocurrency trading accounted for only 19% of the total revenue and fell 79% in Q3. TipRanks contributor Chris MacDonald still believes that Robinhood’s long-term success is dependent on cryptocurrency. Robinhood seems to be continuing to increase its efforts to be the most-used exchange. If you believe crypto is real and here to stay, you might want to take a closer look at this company. Robinhood is currently waiting for its wallet feature to be launched. There is over 1.6 million users on the waitlist. This is about 7% of the total user base at the end of Q3 2021. Some users plan to trade more with Robinhood’s wallet, while others may just want to withdraw their tokens from Robinhood. The brokerage has not yet stated whether they will list Shiba Inu (SHIB). The community is pushing for SHIB listing on Robinhood. There are currently 541,000 signatures to the petition. This week, Kraken, a competitor, launched SHIB trading. This was followed by a 30% rise in the price. Robinhood may be convinced by such price action that it is worth listing the memecoin, given its potential to replicate the DOGE trading frenzy of Q2. Related: Robinhood exec calls the proposal for a single regulator for digital assets stupid. Despite the current price slump, Wall Street seems to be embracing HOOD for now. The average price target for Nasdaq is $45 according to 13 analysts, which represents a 73.3% upside potential.

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