Robinhood Markets stock is down 4.6% in morning trading, hitting $77.64. The decline comes despite some positive operating results, as weak crypto trading metrics and a lowered analyst price target weighed heavily on investor sentiment.
The company’s October 2026 data showed crypto average daily volumes on the Robinhood App dropping 26% from September and 51% year-over-year. Bitstamp crypto ADVs also fell 21% month-over-month and 45% year-over-year, highlighting Robinhood’s reliance on digital asset activity for revenue.
Goldman Sachs maintained its Buy rating on Robinhood but reduced its price target from $128 to $115, reflecting reduced near-term confidence. Meanwhile, Klarna named Robinhood’s head of investor relations as its next CFO, adding a minor leadership transition overhang.
On a brighter note, prediction-market event contracts surged 136% year-over-year to 5.9 billion in October, and net deposits grew by $15.1 billion, representing a 46% annualized growth rate. However, these positives were not enough to offset the impact of the crypto slump.
Bitcoin’s slide below $70,000, its lowest level since August, further pressured crypto-exposed platforms like Robinhood.
The combination of weak crypto volume data, Bitcoin’s price drop, and the reduced Goldman Sachs price target has pushed Robinhood’s stock toward the lower end of its $77.56, $79.96 intraday range, far from its 52-week high of $139.75.