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Shares of Robinhood Markets Inc(NASDAQ:HOOD) are falling Thursday after the company announced August monthly metrics, figures that come around a month after record quarterly results.
• What should traders watch withHOOD?
Robinhood August Metrics
Robinhood reported 28.6 million funded customers at the end of August, up around 120,000 customers from the end of July.
The company had total platform assets of $384 billion in August, up 8% month-over-month and up 26% year-over-year.
Net Deposits for Robinhood totaled $4 billion for August.
Robinhood reported equity trading activity of $335 billion for August, up 1% month-over-month and up 68% year-over-year.
Options contracts traded in August were 293 million, down 10% from July and up 50% year-over-year.
Cryptocurrency-related trading was $17.5 billion for August, up 61% from July, but down 38% year-over-year.
Event contracts were 4.7 billion units in August, down 23% from July, but up around 15x year-over-year.
The average daily volume of event contracts was 152 million in August, down around 23% from July.
While cryptocurrency trading and funded accounts showed strength, the double-digit percentage drop in event contracts from July could be enough to spook investors.
Prediction markets have been one of the key growth metrics for Robinhood, and this could signal customers losing interest or the company losing market share to competitors.
Robinhood Stock Price Action
Robinhood stock is down 1% to $112.35 in after-hours trading Thursday versus a 52-week trading range of $63.52 to $153.86.
Read Also:Robinhood CEO Defends Tokenized Stocks, Says Companies Can’t Control Products Built on Shares
This article Robinhood Stock Falling on August Figures: Here’s the Reason Why originally appeared on Benzinga.com
Source: finance.yahoo.com