2024

Million

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<p class="has-drop-cap">Robinhood Markets, Inc. (<a href="https://tokenist.com/investing/robinhood-review/" rel="noopener noreferrer nofollow" class="deco-link">NASDAQ: HOOD</a>), based in Menlo Park, California, released its <a href="https://investors.robinhood.com/pressreleases/news-details/2024/Robinhood-Markets-Inc.-Reports-November-2024-Operating-Data/default.aspx" target="_blank" aria-label="November 2024 data (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">November 2024 data</a> on December 11, highlighting notable growth across multiple metrics. The company reported increased funded customers, assets under custody, and trading volumes, underscoring a period of substantial expansion. <br><br>With a focus on cryptocurrencies and increased customer engagement, Robinhood positions itself as a key player in the financial technology sector.</p>
<h3 id="robinhood-added-420k-funded-customers-in-nov-total-of-up-to-24-8-million">Robinhood Added ~420k Funded Customers in Nov, Total of Up to 24.8 Million</h3>
<p>Robinhood added 420,000 funded customers in November, bringing the total to 24.8 million. This growth reflects the company’s ongoing efforts to attract and retain users, resulting in a year-over-year increase of 1.5 million customers. The surge in new accounts is complemented by a rise in net deposits, which reached $5.6 billion for the month, representing a 42% annualized growth rate from October. <br><br>These figures suggest a robust customer acquisition and engagement trend, contributing to the company’s expanding user base.</p>
<p>A standout aspect of Robinhood’s November report is the remarkable increase in cryptocurrency trading volumes. The company reported $35.2 billion in crypto notional trading volumes, marking a staggering 529% rise from the previous month and a 780% increase year-over-year. <br><br>This dramatic growth highlights the increasing importance of cryptocurrencies in Robinhood’s business model, as daily average revenue trades for crypto also surged by 400% from October and the previous year. The addition of 420,000 users coincidentally aligning with a meme number in the crypto community underscores digital currencies’ cultural and financial significance within the platform.</p>
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<h3 id="robinhood-stock-continues-to-gain-amid-significant-growth">Robinhood Stock Continues to Gain Amid Significant Growth</h3>
<p>Robinhood’s stock has experienced notable movement, reflecting the company’s overall growth and market sentiment. As of December 16, 2024, the stock opened at $41.10 and reached a current price of $41.18 at the time of writing, with a day high of $41.75. <br><br>The stock has grown significantly over the past year, rising from a 52-week low of $10.38 to a high of $42.76. Analysts maintain a positive outlook, with a “buy” recommendation and a target median price of $49.00, suggesting potential upside from the current level. However, the stock’s high beta indicates greater volatility, and the company’s <a href="https://tokenist.com/investing/debt-to-equity-ratio/" rel="noopener noreferrer nofollow" class="deco-link">debt-to-equity ratio</a> poses a potential risk factor.</p>
<p>Robinhood’s financial metrics reveal a complex picture of growth and challenges. The company boasts a market capitalization of over $36 billion, with a trailing P/E ratio of 71.01 and a <a href="https://tokenist.com/investing/p-e-ratio/" rel="noopener noreferrer nofollow" class="deco-link">forward P/E ratio</a> of 31.70. Despite these promising figures, the high debt-to-equity ratio of 102.75 may raise concerns among investors. <br><br>Nevertheless, the company’s total revenue of $2.4 billion and a forward EPS of $0.73 reflect a strong financial foundation. With a target high price of $60.00, Robinhood’s stock remains an attractive option for investors seeking growth in the fintech sector.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/crypto-trading-volume-at-robinhood-surged-in-nov-as-exchange-added-420k-new-users/">Crypto Trading Volume at Robinhood Surged in Nov as Exchange Added 420k New Users</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Crypto Trading Volume at Robinhood Surged in Nov as Exchange Added 420k New Users

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