Published: November 23, 2025
Robinhood Markets is ending the week in a paradox. The stock has more than tripled over the last year and the business is printing record profits – yet the share price has dropped sharply in recent sessions as insiders sell, a major analyst turns negative, and crypto markets wobble. At the same time, large institutions are using the pullback to add aggressively to their positions.
Here’s what’s really happening with Robinhood Markets (NASDAQ: HOOD) as of Sunday, November 23, 2025.
Robinhood stock snapshot: big gains, fresh pullback
As of Friday’s close, Robinhood’s stock was changing hands around $107–109, with after‑hours trading on November 21 reported near $108.90. [1]
Over the last 12 months, HOOD has delivered a gain of roughly 200%+, lifting its market capitalization to about $95–96 billion on roughly 899 million shares outstanding. [2]
On fundamentals, trailing‑twelve‑month figures now show:
- Revenue: about $2.95 billion
- Net income: about $1.41 billion
- Diluted EPS (TTM): roughly $1.56
- Net margin: just under 48%
- Operating margin: about 36% [3]
Technically, though, HOOD looks fragile in the near term. A real‑time technical dashboard on November 23 flags the stock as a Strong Sell” on the daily timeframe, with 11 of 12 moving‑average signals and 9 key indicators (including RSI and MACD) pointing to bearish momentum. The 14‑day RSI sits around 40, and the share price is trading below its 50‑, 100‑ and 200‑day moving averages. [4]
That combination – powerful long‑term gains, strong fundamentals, but deteriorating short‑term momentum – sets the stage for the tug‑of‑war that defines today’s news.
Today’s headline: big institutions keep buying HOOD
Fresh 13F data summarized in several MarketBeat notes published on November 23, 2025 show a new wave of institutional money moving into Robinhood during the second quarter – exactly while volatility has picked up. [5]
Key moves disclosed:
- Legal & General Group Plc
- Increased its HOOD stake by 61.2% in Q2.
- Now holds about 3.43 million shares, roughly 0.39% of Robinhood, valued around $321 million at the time of filing. [6]
- DNB Asset Management AS
- Boosted its holdings by 27%.
- Owns about 133,985 shares, worth roughly $12.5 million based on Q2 prices. [7]
- Handelsbanken Fonder AB
- Grew its position by 66.7% to 226,197 shares, valued around $21.2 million. [8]
- Personal CFO Solutions LLC
- Opened a new position in Q2, buying 3,527 shares for approximately $330,000. [9]
The same filings – and related ownership breakdowns – underline how institutional HOOD has become. One recent analysis estimates that mutual funds and other institutional investors control more than two‑thirds of Robinhood’s outstanding shares, with giants like Vanguard and BlackRock together holding over 16% of the company. [10]
MarketBeat’s aggregation of 13F data goes further, indicating that over 90% of the freely traded float is now in institutional hands, depending on how float is defined. [11]
Put simply: large funds are still moving in, even as the stock has cooled from its highs.
But insiders are cashing out after a huge run
The other side of the story is coming from inside the house.
A string of SEC Form 4 filings this month shows major insider selling after Robinhood’s steep rally. [12]
Highlights:
- Baiju Bhatt, co‑founder and director
- Other executives have also reduced exposure in recent weeks. Disclosures show sales by senior leaders including brokerage chief Steven Quirk and legal chief Daniel Gallagher, among others. [15]
One MarketBeat roundup calculates that around 5.1 million shares of Robinhood stock – worth roughly $626 million – have been sold by insiders over the last quarter alone. [16]
An analysis published today on German financial portal Aktiencheck bluntly frames the situation as a battle between insiders and institutions,” noting that executives are cashing out while major funds are buying into weakness. [17]
Short‑term pressure: downgrade, crypto slide and bearish charts
It isn’t just insider activity weighing on sentiment.
A new piece syndicated via ad‑hoc‑news and boerse‑global.de today points out that Robinhood shares have fallen close to 11–12% over the past week, even after the company reported strong Q3 results earlier this month. [18]
Key near‑term headwinds flagged in that article:
- Analyst downgrade: Research house Redburn Atlantic reportedly cut its rating on HOOD from Neutral” to Sell” late last week, reinforcing the shift in sentiment following the insider selling wave. [19]
- Crypto weakness: Bitcoin has pulled back sharply from its recent highs, sliding to what the article describes as an eight‑month low, a serious issue for a platform that still leans heavily on crypto transaction revenue. [20]
- Technical damage: The stock is said to have broken below key support levels,” a view echoed by the separate Investing.com dashboard that rates HOOD a Strong Sell” on daily technicals as of November 23. [21]
The result is a textbook case of fundamental strength versus short‑term risk: Robinhood’s growth story remains intact, but the near‑term trade looks far more controversial than it did a month ago.
Under the hood: Q3 2025 was a blowout quarter
Part of why institutions appear comfortable buying this dip is that Robinhood’s core business metrics are surging.
In its Q3 2025 earnings release on November 5, the company reported: [22]
- Total net revenue up 100% year‑on‑year to $1.27 billion.
- Transaction‑based revenue up 129% YoY to about $730 million, driven largely by:
- Crypto trading revenue of roughly $268 million, more than tripling year‑on‑year.
- Options revenue around $304 million, up about 50%.
- Equities revenue near $86 million, more than doubling.
- Net income of $556 million, up roughly 271% YoY.
- Diluted EPS of $0.61, up around 259% versus a year earlier.
- Funded customers up to 26.8 million (+10% YoY), with total platform assets climbing to about $333 billion (+119% YoY).
Management also highlighted that Robinhood now has around 11 distinct business lines each generating about $100 million or more in annualized revenue, reflecting how far it has moved beyond its original commission‑free stock‑trading niche. [23]
October data: growth continued into Q4
A follow‑up operating update for October 2025, published on November 13, shows that momentum didn’t stop with Q3: [24]
- Funded customers:27.1 million, up roughly 2.6 million year‑on‑year.
- Total platform assets: about $343 billion, 3% higher than September and 115% above October 2024.
- Net deposits:$5.6 billion in October alone, implying a 20% annualized growth rate on platform assets.
- Equity trading volumes: about $320.1 billion, up 34% month‑on‑month and 153% YoY.
- Options contracts traded:266.7 million (+22% MoM, +69% YoY).
- Crypto notional volume: around $32.5 billion, up 38% from September and almost five‑fold versus a year earlier.
- Margin balances: roughly $16.5 billion, up 166% YoY.
These figures help explain why, despite the current pullback, Zacks recently named Robinhood its Bull of the Day”, citing strong estimate revisions and projecting robust earnings and revenue growth over the next few years. [25]
New business lines: mortgages, prediction markets and global crypto
Robinhood’s expansion in 2025 has been aggressive and multi‑pronged, adding levers that appeal both to active traders and longer‑term investors.
1. Mortgages and homeownership benefits
On November 3, Robinhood announced a partnership with Sage Home Loans, offering Robinhood Gold subscribers mortgage rates at least 0.75 percentage points below the national average, plus a $500 credit toward closing costs on qualifying purchases or refinancings. [26]
The offer, accessible through the app, is pitched as a way to tie Robinhood’s investing ecosystem directly to one of the biggest wealth‑building milestones: buying a home. It also pushes Robinhood deeper into banking and lending, areas that typically carry stickier, recurring revenue than pure trading.
2. Prediction markets and event contracts
In Q3, Robinhood formally highlighted Prediction Markets as one of its high‑growth business lines. Event contracts – simple, regulated wagers on outcomes like sporting events or economic releases – more than doubled sequentially to 2.3 billion contracts in the quarter, and October alone saw about 2.5 billion contracts traded, surpassing all of Q3 in one month. [27]
Today, Robinhood’s public site is full of college football and NFL spread markets settling on November 23, underlining how central event contracts have become to the product mix. [28]
3. Bitstamp and global crypto
Through its acquisition of Bitstamp, Robinhood is also pushing deeper into institutional and European crypto markets. Q3 data show crypto trading volumes split roughly evenly between the core Robinhood app and Bitstamp’s institutional‑heavy flow, with October crypto notional volume topping $32 billion. [29]
Even so, today’s coverage from European outlets underscores the downside of that strategy: when Bitcoin falls hard, Robinhood’s stock still tends to follow. [30]
Index milestone: Robinhood in the S&P 500
Another major 2025 development continues to shape HOOD’s investor base.
On September 5, S&P Dow Jones Indices announced that Robinhood would replace Caesars Entertainment in the S&P 500, with the change effective before the open on September 22. [31]
Reuters noted at the time that index inclusion typically boosts demand from ETFs and index funds and is widely viewed as a mark of financial stability and mainstream acceptance – particularly important for a company once synonymous with meme‑stock volatility. [32]
That index status is one reason institutional ownership has climbed so sharply this year.
Generational shift: what Robinhood’s CEO is seeing from customers
Beyond the numbers, Robinhood is also trying to reposition its brand for a broader audience.
In an interview published this week by Business Insider, CEO Vlad Tenev said Gen Z is unexpectedly embracing old‑school” finance, opening retirement accounts in their teens and showing more interest in long‑term stability than many millennials did a decade ago. [33]
At the same time, Tenev said older investors now want the cool new thing” – intuitive apps, 24/7 markets and access to crypto, prediction markets and private‑company investing – the sort of features Robinhood has spent 2025 rolling out. [34]
The challenge, in his words, is to avoid being stuck in a generation” – to serve Gen Z savers who care about retirement and mortgages, while still being modern enough for older customers chasing innovation. [35]
Insiders vs. institutions: what all this means going into 2026
Putting today’s developments together, several themes stand out:
- Short‑term sentiment is shaky.
- Insiders are de‑risking after a monster rally.
- Baiju Bhatt’s sales alone exceed $200 million this month, part of a broader insider wave above $600 million over the last quarter. [38]
- While these moves are largely under pre‑arranged trading plans, they inevitably raise questions about how management views near‑term upside.
- Institutions continue to lean in.
- Fundamentals remain very strong.
- Revenue and EPS more than doubled year‑on‑year in Q3, and October data show continued growth across equities, options, crypto and margin balances. [41]
- TTM net margins near 48% are unusually high for a broker‑style business, reflecting both scale and the high‑margin nature of newer lines like securities lending and subscriptions. [42]
- The business mix is still evolving.
- Mortgages, prediction markets, advisory Strategies” portfolios, and global crypto expansion are all relatively new – and not yet battle‑tested through a full market cycle. [43]
What observers will be watching next
Looking beyond this weekend, analysts and market watchers are likely to focus on:
- Crypto volumes vs. crypto prices – whether Robinhood can sustain elevated trading activity if digital‑asset prices stay weak. [44]
- Customer engagement – especially whether October’s record trading volumes and net deposits carry into the rest of Q4. [45]
- CFO transition – outgoing CFO Jason Warnick is set to hand the role to long‑time finance executive Shiv Verma in early 2026; investors will watch how costs and risk management evolve under new stewardship. [46]
- Regulatory landscape – Robinhood has paid large settlements in recent years, and while a key SEC crypto probe was closed without enforcement earlier in 2025, regulatory risk remains an ever‑present factor for the business. [47]
For now, November 23, 2025 finds Robinhood at a crossroads:
- A profitable, rapidly diversifying fintech that has finally earned its seat in the S&P 500 and attracted large institutional backers.
- A high‑beta, crypto‑sensitive stock facing heavy insider selling, a bearish technical setup, and a market trying to decide whether 2025’s spectacular run has gone too far, too fast.
This article is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell any security, or an offer to provide investment services. Always do your own research and consider seeking independent financial advice before making investment decisions.
References
1. ca.investing.com, 2. www.stocktitan.net, 3. www.stocktitan.net, 4. ca.investing.com, 5. www.marketbeat.com, 6. www.marketbeat.com, 7. www.marketbeat.com, 8. www.marketbeat.com, 9. www.marketbeat.com, 10. capital.com, 11. www.marketbeat.com, 12. www.investing.com, 13. www.investing.com, 14. www.marketbeat.com, 15. finviz.com, 16. www.marketbeat.com, 17. m.aktiencheck.de, 18. www.ad-hoc-news.de, 19. www.ad-hoc-news.de, 20. www.ad-hoc-news.de, 21. www.ad-hoc-news.de, 22. www.globenewswire.com, 23. www.globenewswire.com, 24. www.globenewswire.com, 25. www.tradingview.com, 26. www.stocktitan.net, 27. www.globenewswire.com, 28. robinhood.com, 29. www.globenewswire.com, 30. www.ad-hoc-news.de, 31. www.reuters.com, 32. www.reuters.com, 33. www.businessinsider.com, 34. www.businessinsider.com, 35. www.businessinsider.com, 36. ca.investing.com, 37. www.ad-hoc-news.de, 38. www.marketbeat.com, 39. www.marketbeat.com, 40. capital.com, 41. www.globenewswire.com, 42. www.stocktitan.net, 43. www.globenewswire.com, 44. www.ad-hoc-news.de, 45. www.globenewswire.com, 46. www.globenewswire.com, 47. www.globenewswire.com
