Company PerformanceRobinhood's average revenue per customer is substantially lower than its peers, keeping it in loss-making territory.
Market ExpectationsWith the forward curve baking in rate cuts in the back half of the year and the company already pulling significant levers to reduce operating expenses, there are fewer self-help and macro-related tailwinds expected.
Stock Price / ValuationPotential overheat in share price due to the crypto hype, as crypto trading only accounts for a small portion of revenue.