Today, Robinhood Markets Inc. (HOOD) is losing ground on the charts, down -9.65% to trade at $35.75 at last check. Last trading day, HOOD shares closed at $39.57. There were 13.09 million shares traded, which is lower than the average volume over the last three months of 16.67 million shares. In the previous trading session, the HOOD stock fluctuated between $39.00 and $40.25.
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In the previous five trading sessions, HOOD stock lost -5.11%, moved -11.60% over the past month, but has gained 13.64% on year-to-date basis. With a 50-day moving average of $42.71, the stock is currently trading at RSI of 32.04. The stock has been falling since it reported disappointing cryptocurrency revenues.
What has HOOD reported?
Robinhood Markets aspires to democratize finance for everyone. In addition to investing with no account minimum through Robinhood Financial, LLC, buying and selling crypto through Robinhood Crypto, LLC, and learning about investing through simple educational content, HOOD is for everyone. HOOD strives to create the most culturally relevant and trusted money app worldwide.
The third quarter ended September 30, 2021, financial results were announced yesterday by Robinhood Markets.
- HOOD generated net revenues of 365 million dollars in the third quarter of 2021, up 35% from $270 million in the third quarter of 2020.
- In the third quarter of 2021, Hood’s transaction-based revenues increased by 32% to $267 million, compared with $202 million in the same period last year.
- HOOD’s options increased 29% to $164 million, compared with $127 million in the third quarter of 2020.
- HOOD’s cryptocurrency revenue increased 860%, reaching $51 million in Q3, compared to $5 million in Q3, 2020.
- The amount of equity decreased by 27% to $50 million compared with $69 million in the third quarter of 2020.
- HOOD had a loss before income tax of $1.37 billion during the third quarter of 2020, compared with an income tax loss of $11 million at the same time in 2019.
- At HOOD, share-based compensation expense reached $1.24 billion in the third quarter of 2021, of which $1.01 billion was recognized upon our IPO.
- According to HOOD, the company suffered a net loss of $1.32 billion, or $2.06 per diluted share, compared with a net loss of $11 million, or $0.05 per diluted share, during the third quarter of 2020.
- A non-GAAP Adjusted EBITDA of -$84 million is low, compared with $59 million in the third quarter of 2020.
As a consequence of declining crypto activity in the third quarter of 2021 compared with the second quarter, there were considerably fewer new funded accounts, a slight decline in Net Cumulative Funded Accounts, and lower revenue.
How has HOOD been revamping its crypto platform?
The Crypto Platform has been improved by Robinhood. In response to overwhelming demand, Robinhood Markets (HOOD) has opened the waitlist for its crypto wallets. The company has signed up more than 1 million customers so far. HOOD’s crypto wallets feature provides a low-cost, competitive pricing structure and an intuitive user experience to make crypto more affordable for the average investor. Customers are being actively engaged during the development process to gather feedback, and new multi-factor authentication will be used in-app to ensure a safe, secure, and reliable experience.
