‘Ghost town’ fears send Robinhood sliding as trading frenzy fizzles

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Reuters

By Sruthi Shankar and Medha Singh (Reuters) – Shares of Robinhood Markets Inc fell 9% on Thursday as the fee-free broker’s warning about a slowdown in trading raised concerns about its reliance on a pack of small-time investors to sustain a frenzy in stocks, options and cryptocurrencies. In its first results as a public company on Wednesday, Robinhood said the crypto trading mania this year helped double its second-quarter revenue, but also warned it expected retail investors who trade on its popular app to take a breather in the third quarter. “Robinhood is dependent on high volatility and yo…

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