- HOOD stock falls 1.44% on Thursday in line with main indices.
- Robinhood launches crypto wallets for customers.
- HOOD to face increased competition from Revolut.
Robinhood (HOOD) stock is once again trending on social media and news outlets and for better reasons than the last time the name reared its head. The stock is infamous with retail traders after the GameStop (GME) saga from last year. GameStop traders marked the one-year anniversary this January, and Robinhood drew some attention to mark the birthday celebrations.
Robinhood Stock News
Now that Robinhood is back on the watchlists, the company said on Thursday that it will roll out crypto wallets to those on the waiting list, targeting the first 1,000 customers. By March the company expects to expand the program to 10,000 customers.
"Connecting millions of Robinhood customers to the blockchain ecosystem in a safe, accessible setting is a massive undertaking. We take this responsibility seriously, which is why we’re rolling out wallets methodically, consistent with our 'Safety First' value," Robinhood said via blog post.
In perhaps less advantageous news, Revolut has launched commission-free US trading and is now a registered US broker dealer.
“This to us was just the next logical step,” said Gabe Vallejo, Revolut’s US head of wealth and trading. “We’re confident we can continue to offer this product to our customers in the most efficient manner possible.”
Revolut currently has an estimated 20 million customers. The UK-based fintech has expanded aggressively across the UK, Ireland and the EU.
Robinhood Stock Forecast
The stock continues to slide as high growth tech is not the sector of choice so far in 2022. We expect this to continue. While there are no real supports in play given the one way slide, $10 will represent an obviouos psychological level. The stock broke through the point of control since IPO at $18.12. The point of control is the price with the highest amount of volume and so an equilibrium of sorts. Only breaking back above $20 turns the tide bullish in our view.
Robinhood (HOOD) chart, daily
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD drops toward 1.0850 as USD finds fresh buyers
EUR/USD inches lower to near 1.0850 in the European session on Monday. A renewed US Dollar uptick amid a slightly negative shift in risk sentiment and Trump trade optimism weigh on the pair. All eyes remain on the Fedspeak, in the absence of top-tier data releases.
GBP/USD falls below 1.3050 on resurgent US Dollar demand
GBP/USD falls back below 1.3050 in European trading on Monday, undermined by a modest USD strength. The fundamental backdrop supports prospects for a further depreciating mov, as markets remain risk-averse ahead of the upcoming Fedspeak.
Gold rallies as safe-haven demand increases on intensifying Middle East conflict
Gold rises on increased safe-haven demand as the conflict in the Middle East deepens. Israel steps up bombing of Beirut and is poised to launch a retaliatory attack on Iran after a bomb explodes near Netanyahu’s house.
Three fundamentals for the week: Middle East escalation, BoC decision and US Jobless Claims stand out Premium
An Israeli attack against Iran may stir markets ahead of the US elections. The Bank of Canada is set to slash rates, impacting Fed expectations. US Jobless Claims remain a bellwether for the wider economy.
If at first you don’t succeed, keep trying, so the story goes in China
Asian stocks saw a solid lift today, riding the coattails of Wall Street’s rally, but a welcome spark came from China’s big banks slashing their benchmark lending rates. This move injected a fresh wave of optimism into markets, fueling the hope that China’s recent stimulus efforts might finally be gaining economic traction.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.