Robinhood Stock Price and Forecast: Why is HOOD back on trending lists?
- 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
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
