Robinhood is one of the more popular options for retail investors, providing a way for the average trader to buy and sell stocks without having an expert knowledge of the business. Robinhood itself is a publicly traded company as of earlier this year. Robinhood’s (HOOD) stock hit an all-time high late this summer, but has been on a consistent downward trend in the months following. Now, Robinhood (HOOD) has fallen 63 percent from that all-time high valuation.
Robinhood (HOOD) first went public with an IPO back in July of this year. This decision came following the company’s boost in popularity following everything that went down with GameStop and AMC. Many users flocked to Robinhood to gobble up these meme stocks, and leadership at the company saw it as a golden opportunity to go public. Things initially looked bright for Robinhood (HOOD), as it hit an all-time high valuation of $85/share back in August 2021. The stock’s value has steadily decreased over time, hitting an all-time low of $38/share on November 11, 2021.
Robinhood (HOOD) has seen its stock fall 63 percent from its all-time high in August 2021. Just last month, Robinhood posted its Q3 2021 earnings report, which showed some larger than expected losses. Robinhood attributed these losses to market volatility and unexpected changes in trading activity. The company also found itself in hot water following the confirmation that a data breach effected 7 million users of the trading app.
Despite its popularity, user trust as been in question ever since Robinhood began to restrict the trading of GameStop (GME) stocks when it first took off earlier this year. For more on how Robinhood’s (HOOD) business continues to perform, stick with us here on Shacknews.