Robinhood Among S&P 500’s Worst Performers So Far This Year Amid Crypto, Tech Selloff

HOOD’s stock ranks among the 10 worst-performing stocks in the S&P 500 so far this year, down nearly 33%.

• Robinhood’s shares were down over 3% in pre-market trade amid broader weakness in the market after the U.S. and Israel attacked Iran over the weekend.
• HOOD’s stock clocked the seventh-highest loss among the S&P 500 at the end of February, after names like Intuit and Workday.
• Bitcoin’s price has fallen less than Robinhood’s stock so far this year.

Robinhood (HOOD) is among the top 10 worst-performing stocks in the S&P 500 so far this year, after weakness in technology stocks and volatility in crypto markets pressured its share price.

HOOD’s stock was down over 3.3% in pre-market trade on Monday, on track to kick off March in the red, amid broader weakness in markets after the U.S. and Israel attacked Iran over the weekend and U.S. President Donald Trump stated that the “combat operation” would not stop until “all objectives” were met. On Stocktwits, retail sentiment around the trading platform remained in ‘bearish’ territory over the past day. 

HOOD shares have fallen 32.94% so far this year, ranking them seventh among the S&P’ 500’s biggest losers so far this year.

Why Is HOOD Stock Down?

Robinhood’s shares have been pressured amid a volatile cryptocurrency market and a focus on its revenue from cryptocurrency declining over the past quarter. During its fourth quarter (Q4) results in February, Robinhood reported that crypto-related transaction revenue dropped 38% year-over-year to $221 million. The company said the drop was driven by lower trading activity and lower crypto prices, which in turn caused the firm to miss revenue forecasts. 

Overall, Robinhood reported earnings of $0.66 per share, missing analyst expectations of $0.68, as per Koyfin data. Revenue came in at $1.28 billion, also missing the consensus estimate of $1.34 billion. 

In comparison to HOOD’s price drop of nearly 33%, Bitcoin’s price has only fallen around 25% so far this year. The apex cryptocurrency was trading at around $66,400 on Monday morning, down 0.4% in the last 24 hours. On Stocktwits, retail sentiment around BTC remained in ‘bullish’ territory over the past day. 

S&P 500’s Top 10 Losers

Intuit (INTU), known for its financial software like TurboTax and QuickBooks, led losses among the S&P 500 year-to-date (YTD) with a dip of 38.25%. INTU’s stock was down 1.5% in pre-market trade. Workday Inc. (WDAY), Gartner (IT), and The Trade Desk (TTD) followed with losses of over 37% each. 

Principal Research Analyst at Nansen, Aurelie Barthere, told Stocktwits that a deeper selloff in U.S. tech stocks could push Bitcoin below $60,000.

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