Robinhood (NASDAQ:HOOD) may be one of the most widely used e-trading platforms in the nation right now, but it still shows chinks in its armor. Since its initial public offering (IPO) last year, HOOD stock has been on a steady decline. Not to mention, it is still shrouded in drama relating to the retail “meme” investing frenzy early last year. And now this week, as Robinhood posts a less-than-spectacular earnings report. The string of bad luck has investors thinking a lot about the company’s relationship with Shiba Inu (CCC:SHIB-USD), or lack thereof. Could the Shiba Inu crypto hold the answer to Robinhood’s woes?
As InvestorPlace Assistant News Writer Eddie Pan reported earlier in the day, HOOD hasn’t faired well this week, or even in the last year. Shares of HOOD are down over 35% from its July IPO. It even posted a new low today, trading at $11.41 before rebounding slightly. This is due in large part to the company’s floundering fourth quarter last year.
The company didn’t disappoint on revenue, mind you; it beat out analysts expectation slightly, with $363 million to an estimated $362.1 million. However, it disappointed thoroughly on user growth. It reports a loss of over 1.5 million monthly average users. Moreover, it is reporting Q1 revenue guidance of just $340 million to start the year, a significant year-over-year slump.
Could Listing the Shiba Inu Crypto Help HOOD Stock Crawl Out of a Hole?
The earnings news is just another hinderance to tack onto HOOD stock’s turbulent first year of trading. And now, it’s reinvigorating sentiment around a Shiba Inu crypto listing.
Anybody who has paid attention to pupcoins in the last year has heard of SHIB and its astonishing journey through 2021. Riding on the success of Dogecoin (CCC:DOGE-USD), SHIB’s year culminated in gains of over 1,000%. One of the points of failure, though, has been the community’s efforts to see a SHIB listing on Robinhood.
Robinhood’s crypto trading platform is one reason for the meteoric rise in DOGE last year; through the e-trading app, more investors were being directly exposed to Dogecoin than ever before. Taking note of this, the Shiba Inu community has been firm on the idea that a Robinhood listing would be a huge catalyst. They say this is true not only for SHIB but for HOOD stock as well. Indeed, SHIB holders contend that listing Shiba Inu would draw more users to the Robinhood platform; obviously, this is a metric that is clearly floundering, given the earnings report.
Petitions have cropped up requesting the listing of the token. The concentrated community effort been so far-reaching, in fact, that Robinhood is taking notice of SHIB bulls. Unfortunately for those bulls, the company has been pushing back against calls for a listing. But now, with the poor Q4 user base performance in the immediate rearview, could a listing be back on the table? Investors seem to be pushing for the listing once again, and there are reports that the company plans to expand its crypto offering soon. Maybe the time is ripe for the communities to finally come together.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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