Robinhood

On an ordinary day over the last month of trading, HOOD has moved about 2.87%, making it livelier than most of the stocks Kinzan tracks (their median is 1.81%).

Measured against its own habit, today is a −0.5σ day: the kind of session it has most weeks.

It sits near the bottom of its 24-hour range of 95.07–97.6, measured on hourly closes.

The New York block (13:00–22:00 UTC) did most of the work — roughly 73% of the movement over the last 24 hours.

Over the last 60 sessions of daily returns, it has moved most closely with COIN (+0.73, a strong relationship), and most inversely to USD/ILS (−0.50).

Its last close is at the 37th percentile of its own last 82 sessions, and its 20-day volatility at the 5th, near the bottom of its range for the period.

Market read: Robinhood is trending lower, with the stock pinned near its daily lows as sentiment sours.

What it is

Robinhood is a retail brokerage that popularised commission-free trading of US shares and options on a platform built for the phone. Its customers can also trade crypto assets, borrow on margin, hold retirement accounts and pay for a premium subscription tier that adds features such as a higher rate on uninvested cash and research tools. It does not charge commissions on most equity trades; instead it earns transaction-based revenue, much of it from market makers that pay to execute customer orders, together with net interest on customer cash, margin loans and securities lending, and subscription fees.

What drives it

Revenue moves with how actively its customers trade, so options volumes, equity volumes and crypto activity all matter, with crypto having been a large and volatile part of the mix. Retail enthusiasm is cyclical: in buoyant, speculative markets customers trade more and add funds, and in quiet or falling markets activity fades. Interest rates act directly through the yield earned on customer cash and margin lending, so rate cuts can reduce income regardless of how much anyone trades. Growth in funded customers and in total platform assets, including net deposits, is watched as evidence of whether it is taking share from established brokers. Regulation is a long-running risk, because changes to the rules on payment for order flow, or on how retail investors may access certain products, would strike at the model directly. The company publishes monthly operating figures, giving the market a read on activity well before quarterly results.

How it trades through the day

The shares trade on Nasdaq in the regular US session, from 13:30 to 20:00 UTC in summer and 14:30 to 21:00 UTC in winter. Several of the assets its customers trade, crypto in particular, keep moving around the clock, so a burst of weekend crypto activity that bears directly on its revenue is priced only when the share reopens on Monday. Quarterly results have come after the US close. Its realised volatility has been well above that of traditional brokers, closer to that of the crypto-linked equities than to the financial sector it is classified in.

What it tends to move with

It responds to crypto prices and activity alongside Coinbase, although its revenue also depends on equity and options trading, which makes it a broader gauge of retail risk appetite. Traditional brokers such as Charles Schwab and Interactive Brokers share the interest-rate sensitivity but rarely its amplitude. In practice it has tended to rise and fall with speculative growth stocks and with bitcoin during periods of heavy retail participation.