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Not long ago, Robinhood Markets (NASDAQ: HOOD) was one of the biggest stories in the stock market.
The mobile-first trading app disrupted the brokerage industry, making no-commission trades the norm, and brought a new generation of investors into the market, as Robinhood’s platform has been most popular with millennials and Gen Z. Robinhood was also central to the meme stock rally and crypto boom in 2021, further evidence of the impact it’s had on the stock market.
As a stock, Robinhood has been mostly a disappointment, however. The company went public in a highly anticipated IPO in July 2021. The stock initially popped out of the gate, but then faded as a bear market began just a few months later. As crypto prices fell in volume, trading volume shrunk on Robinhood, and its once-fast-growing business ground to a halt.