Investment trading platform Robin Hood (NASDAQ:HOOD) is in the red today as recent crypto talk has failed to lift the popular app. HOOD stock is near an all-time low today as investors clamor to understand what is dragging the company down.
So what’s been going on with Robinhood lately?
Robinhood went public last July, opening at $38 per share, at the bottom of its expected range. Since then, there has generally been a gradual decline. Today’s decline to $15.17 appears as the latest deflationary force on the already struggling stock. The reason for the decline? It’s a bit blurry.
Robinhood anticipated the addition of meme-corner darling shiba inus (CCC:SHIB-USD) since December. The coin is expected to debut on the trading platform this month, leading to strong gains for the coin. Unfortunately, the addition does not imply any benefit for Robinhood other than a flashy ad for the coin listing.
What else do you need to know about Robinhood today?
HOOD Stock Sees Lower After CFO Comments
Today Robinhood CFO Jason Warnick had some ominous words for the SHIB listing rumors that made headlines. “It’s not lost on us that our customers and others would love to see us add more parts,” he said. However, he declined to offer any confirmation as to whether the token would be added to Robinhood’s crypto selection.
Instead, Warnick emphasized the transparency needed to add new coins to its offering, following its recent public offering. Not exactly inspirational words for crypto bulls or Robinhood users wanting to buy SHIB.
HOOD ends the day down 0.85%. Whether this proves Robinhood’s latest decline remains to be seen.
As of the date of publication, Shrey Dua does not hold (either directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.