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Goldman Says Sell Robinhood After 84% Plunge From Record

  • GS cuts to sell as growth slowing, path to profit unclear
  • Stock slides as much as 6%; down 84% from post-IPO record high
Robinhood Users Had Accounts Looted, Say There's No One To Call
Photographer: Gabby Jones/Bloomberg
Updated on

Goldman Sachs Group Inc. analysts cut Robinhood Markets Inc. to sell, less than a year after the bank led its popular initial public offering.

It joined JPMorgan Chase & Co., the other lead IPO bookrunner, in turning bearish on the free-trading app that rose to prominence during the peak of the pandemic as homebound people turned to online trading to pass the time and make money. Goldman’s William Nance cited continued weakness in account growth and path to profitability getting pushed further out as headwinds for Robinhood.