Why Robinhood Stock Lost 12% in December
Shares of Robinhood Markets (NASDAQ: HOOD) stock dropped 12% in December, according to data provided by S&P Global Market Intelligence. Robinhood is highly exposed to cryptocurrency, and falling cryptocurrency prices likely impacted Robinhood as well.
Robinhood is known for its stock trading platform, which has developed a loyal following; however, it's expanding into a full financial services platform with a wide assortment of products. While some of those lean risky, such as options and cryptocurrency trading, others, like credit cards, are of the more traditional sort.
Users appreciate the access to many different investment vehicles that aren't available on many trading apps, and the platform is attracting new customers. It's also growing rapidly, and it has become highly profitable.
Source Fool.com
