Shares of financial services provider Robinhood Markets (NASDAQ:HOOD) are trending lower today after the company announced operating numbers for the month of May.
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The number of net cumulative funded accounts with the company rose by 20,000 to 23.1 million during the month. Further, while assets under custody rose by 6% to $81.8 billion, equity notional trading volumes rose by 27% to $49.4 billion. Crypto notional trading volumes, on the other hand, plummeted by 43% to $2.1 billion.
Further, monthly active users on the platform dropped 8% over the prior month to 10.6 million in May. The slide in crypto trading volumes on the platform follows a sharp correction across major cryptocurrencies over the past few weeks and highlights the impact of the SEC’s recent actions against Binance and Coinbase (NASDAQ:COIN) on trading sentiment.
Overall, the Street has an $11.60 consensus price target on Robinhood alongside a Hold consensus rating. Shares of the company have gained nearly 16% so far this year.
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