Shares of Robinhood fell as the fee-free broker's warning about a slowdown in trading raised concerns about its reliance on a pack of small-time investors to sustain a frenzy in stocks, options and cryptocurrencies $HOOD
The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew KellyStill, Chief Financial Officer Jason Warnick said on CNBC Robinhood was not looking to capitalize on the rally by selling new shares.
GameStop and AMC have both raised billions of dollars in new capital amid the frenzy in their shares.Robinhood's stock was down 9% at $45.23 by 9:35 a.m. ET on Thursday and was among the top 20 most-traded stocks on the Nasdaq."I wouldn't buy this. many red flags. If you made money, good, but this will never go to $80 again," a Stocktwits user wrote on the trading-focused social media site, tagging Robinhood's ticker $HOOD.
Robinhood also said it was considering selling branded merchandise, in a move similar to AMC, which has floated the possibility of selling products from theaters. Reporting by Sruthi Shankar and Medha Singh in Bengaluru; Editing by Sagarika Jaisinghani and Saumyadeb ChakrabartySubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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