Investment trading platform Robinhood (NASDAQ:HOOD) is in the red today as recent crypto talk failed to lift the popular application. HOOD stock is trending near its all-time low today as investors clamor to figure out what’s pulling the company down.
So, what’s going on with Robinhood lately?
Robinhood went public just this past July, opening at $38 a share, at the low end of its expected range. Since then, it’s generally seen a progressive decline. Today’s drop down to $15.17 comes as seemingly the latest deflationary force on the already troubled stock. The reason behind the decline? It’s somewhat unclear.
Robinhood has been anticipating the addition of meme-coin darling Shiba Inu (CCC:SHIB-USD) since December. The coin is expected to make its debut on the trading platform this month, prompting strong gains for the coin. Unfortunately, the addition doesn’t imply any sort of upside for Robinhood, other than a flashy advertisement for the coin’s listing.
What else do you need to know about Robinhood today?
HOOD Stock Sees Drop After CFO Comments
Today, Jason Warnick, chief financial officer of Robinhood, had ominous words for the headline-grabbing SHIB listing rumors. “It’s not lost on us that our customers and others would like to see us add more coins,” he said. However, he declined to offer any confirmation as to the addition of the token to Robinhood’s crypto selection.
Instead, Warnick highlighted the transparency necessary to add new coins to its offering, as a consequence of its recent public offering. Not exactly inspiring words for crypto bulls or Robinhood users eager to purchase SHIB.
HOOD is ending the day down 0.85%. Whether this proves the last of Robinhood’s decline remains to be seen.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.