Robinhood Stock Set for Rebound as Earnings Report Looms

Robinhood's stock price has fallen significantly in recent weeks, dropping from its year-to-date high of $119.87 to a low of $87.93. However, technical analysis suggests that the stock is due for a rebound.

The company's upcoming earnings report will provide insight into its business performance, with analysts expecting revenue to jump 29% in the second quarter to $1.28 billion and earnings-per-share to come in at 43 cents.

One of the key drivers of Robinhood's growth is its partnership with Kalshi, which has benefited from the recent World Cup event. Additionally, the company's funded clients have increased to 27.7 million, up by 110k from the end of April, and total platform assets have jumped by 9% from April to $377 billion.

However, the crypto business has suffered from the ongoing crypto winter, with Bitcoin price falling from last year's high of $126,300 to $64,000 today. This has resulted in a significant drop in market capitalization, from over $4.2 trillion to about $2 trillion.