Market analysts are nonplussed by HOOD stock price as long as it continues to ramp up its presence in the cryptocurrency trading space.

As Robinhood struggles with its declining share price, could ramping up its cryptocurrency offerings help boost the company’s outlook?

Robinhood is a financial services company that also acts as a retail trading platform for ordinary users. It's known for meme stocks and currently offers seven cryptocurrencies for trading.

Since Aug. 4, Robinhood (HOOD) has fallen nearly 70% from its ATH of $70.39 to $25.94, and it’s been below the $38 IPO price for weeks. Several factors are contributing to the fall, such as a drop in crypto and meme stocks day trading as the pandemic era comes to an end and people return to their offices to work.

Robinhood enjoyed big gains in Q2 2021 when Dogecoin (DOGE) trading accounted for 41% of Robinhood’s total revenue, and 62% of the $233 million generated by cryptocurrency trading.

However, cryptocurrency trading fell 79% in Q3 and only accounted for 19% of its total revenue.

Chris MacDonald, a contributor to TipRanks, still believes that cryptocurrency iks the key to Robinhood’s long term success.

Robinhood appears to continue to ramp up its efforts to become the most-utilized exchange out there. Those who think crypto is real and here for the long haul may want to take a close look at this company right now.

There is also a big demand for Robinhood to launch its wallet feature, which currently has over 1.6 million users on the waitlist. That’s about 7% of its total user base as of the end of Q3 2021. While some are planning to trade more with the wallet others may simply want to withdraw their existing tokens from Robinhood’s platform.

The brokerage has not said anything definitive about listing Shiba Inu (SHIB). There's a big push on from the community including a petition to list SHIB on Robinhood that currently has 541,000 signatures. Competitor Kraken this week launched SHIB trading which was followed by a 30% increase in the price. Such price action may help convince Robinhood of the merits of listing the memecoin given the potential to repeat the growth it experienced from the DOGE trading frenzy in Q2.

Despite the current price doldrums Wall Street appears to view HOOD favorably for now. Nasdaq has indicated an average price target of $45 from 13 analysts, which represents 73.3% upside potential.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos hit market bottom, but downtrend not completely broken

Bitcoin price action has been on the back foot for most of the week, together with most cryptocurrencies. Investors are worried about the FED tightening monetary policy going forward and geopolitical tensions that could risk escalating into a full-scale war, such as between the US and Russia, with Europe caught in the middle. 

More Bitcoin News

US financial watchdog to increase scrutiny of cryptocurrency exchanges in 2022

US Financial watchdog, the Securities and Exchange Commission, has plans to crackdown on cryptocurrency exchanges in 2022. SEC Chair Gary Gensler revealed plans to tighten scrutiny of crypto exchanges. 

More Cryptocurrencies News

Axie Infinity bounces off support, targets 20% advance

A brief technical and on-chain analysis on Axie Infinity price. Here, FXStreet's analysts evaluate where AXS could be heading next.

More Axie Infinity News

Shiba Inu price faces tough challenges ahead before SHIB returns to $0.00004327

Shiba Inu price is struggling to break out of the prevailing chart pattern formation as it continues to record lower highs. However, the governing technical pattern projects a 46% ascent toward $0.00004327 if SHIB slices above $0.00003009.

More Shiba Inu News

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis