For many hyped-up fast-growing businesses that hit the public markets during the frothy environment a couple of years ago, it has generally been a disappointing journey thus far. Take Robinhood (NASDAQ: HOOD), a company that was popular during the meme stock and crypto crazes. But since it started trading in July 2021, the stock is down 76%. This compares to a 14% drop for the tech-heavy Nasdaq Composite Index during that time.
Are Robinhood shares a buy right now? Let's take a closer look at this fintech stock.
The uncertain macroeconomic environment has been a major headwind for most companies out there, but Robinhood keeps moving along. In the first three months of 2023, the business increased revenue 47% year over year to $441 million. This was also up 16% on a sequential basis. Key to this top-line figure was the fact that net interest revenue rose 278% versus the year-ago period thanks to higher securities lending activity and higher interest rates.
Source Fool.com