Robinhood (HOOD) Stock After Hours on December 10, 2025: What to Know Before the December 11 Market Open

Robinhood Markets, Inc. (NASDAQ: HOOD) went into the December 10 after-hours session coming off one of the wildest multi-year rallies in the market — roughly 270% in 2025, about 90% over the last six months, and around 1,400–1,500% in three years from its post‑IPO lows. ^[1]

After the bell on Wednesday, December 10, 2025, traders had fresh numbers to chew on: November 2025 operating data, updated analyst targets, and a steady stream of bullish and cautious research notes trying to answer the same question: can this run really continue into 2026?

Here’s what actually happened to HOOD after hours, what the new data says about the business, and the key things to watch before the U.S. stock market opens on Thursday, December 11, 2025.

1. How Robinhood Traded on December 10 — and After the Bell

Regular session (Dec 10, 2025)

• Close:$135.66, down about 0.04% on the day.
• Intraday range: roughly $133.43 – $137.46.
• Volume: about 18 million shares, in line with the recent elevated activity since Robinhood joined the S&P 500. ^[2]

Those numbers confirm that, during the regular session, HOOD mostly consolidated near recent levels rather than extending its huge 2025 run.

After-hours move (Dec 10)
On Investing.com’s after-hours tape, HOOD last changed hands at about $132.50, a drop of $3.16 or –2.33% versus the official close. ^[3]

That’s a meaningful but not catastrophic pullback for a stock with ~3–4% average daily volatility. A 2–3% after-hours move is basically “normal turbulence” for HOOD in its current momentum phase.

Pre-market indication (early Dec 11)
By early pre-market trading on December 11, HOOD was quoted around $135.22, down roughly 0.36% from Wednesday’s close, with pre-market volume of about 322,000 shares. ^[4]

In other words:

• The initial after-hours reaction was negative, taking shares into the low 130s.
• Pre-market has been calmer so far, with the stock trading closer to the prior close than to the after-hours low.

That sets up modest downside pressure, but not a clear breakdown, going into the opening bell.

2. The Big Catalyst: November 2025 Operating Data

Right after the close on December 10, Robinhood released unaudited operating metrics for November 2025, and those numbers are the main reason the stock wobbled after hours. ^[5]

2.1 Funded customers: a headline dip with a technical explanation

• Funded customers at month-end:26.9 million
  • Down ~130,000 versus October (27.1 million).
  • Up ~2.1 million year over year. ^[6]

However, that month‑over‑month decline is mostly an accounting/regulatory artifact:

• Robinhood says the numbers include escheatment (forced closure and transfer) of about 280,000 low‑balance accounts to comply with state unclaimed property laws.
• Without escheatment, funded customers would have grown by ~150,000 in November. ^[7]

How the market reads this:

• Bulls: under the hood, customer growth is still positive, and the headline decline is a regulatory cleanup, not a demand problem.
• Bears: the escheatment story is valid, but it highlights how much of the user base is very small/dormant, and it creates ugly growth optics just as the stock is richly valued.

2.2 Assets and deposits: risk‑on markets cut assets, but money keeps flowing in

• Total platform assets:$324.5–325 billion,
  • Down 5% vs. October
  • Up 67% vs. November 2024. ^[8]
• Net deposits in November:$7.1 billion, implying an annual growth rate of 25% vs. October asset levels.
• Over the last 12 months, net deposits total $70.2 billion, a 36% annual growth rate vs. November 2024 assets. ^[9]

So:

• Assets fell month over month, mostly reflecting market weakness and crypto volatility in November.
• But customers are still sending money to the platform at a strong clip, which supports future revenue.

2.3 Trading activity: a cool‑down after record October

November saw a sharp month‑over‑month drop in volumes, though year‑over‑year trends are still strong: ^[10]

• Equity notional trading volume:
  • $201.5B, –37% M/M, +37% Y/Y.
• Options contracts:
  • 193.2M contracts, –28% M/M, +24% Y/Y.
• Crypto notional volume:
  • $28.6B, –12% M/M, –19% Y/Y.

Two important contextual details:

1. Fewer trading days: November had 19 equity/options trading days versus 23 in October, a 17% drop that explains part of the volume declines. ^[11]
2. October was unusually strong for Robinhood’s trading activity, especially in crypto and prediction markets, so some give‑back is not a surprise. ^[12]

2.4 Event contracts, margin, and cash sweep

• Event contracts traded:3.0 billion in November, +20% M/M and vastly higher than a year ago. ^[13]
• Margin balances:$16.8B, +2% M/M, +147% Y/Y — a huge jump that reflects booming risk appetite among active traders. ^[14]
• Total cash sweep balances:$32.5B, –5% M/M, +23% Y/Y, impacted by the wind‑down of a non‑Gold cash sweep program that pushed about $700M into customer free credit balances. ^[15]
• Securities lending revenue:$34M, –43% M/M, +48% Y/Y. ^[16]

The takeaway: activity has normalized from record October levels, but Robinhood’s higher‑margin newer products (event contracts, margin lending) are still trending strongly higher.

3. What Wall Street Is Saying After Wednesday’s Close

3.1 Fresh analyst action: BofA trims target, keeps Buy

On December 10, BofA Securities reiterated a “Buy” rating on HOOD but cut its price target from $166 to $154, a ~7% reduction. ^[17]

Recently:

• Needham has repeated a Buy with a $145 target.
• Citizens has a “Market Outperform” rating and lifted its target to $180 in November.
• Mizuho raised its target from $145 to $172, rating Outperform.
• KBW sits at Market Perform with a target moved to $135. ^[18]

Consensus picture across major brokers:

• Average 12‑month target is roughly in the mid‑$140s to low‑$150s, implying low‑double‑digit upside from the mid‑$130s level. ^[19]
• Targets span $80s on the low end to $180 on the high end, reflecting very different views on how sustainable Robinhood’s growth really is. ^[20]

3.2 Technical views: “Strong Buy” indicators, but momentum fatigue risk

From the purely technical side, the signals are noisy but mostly positive:

• Investing.com’s technical summary labels HOOD a “Strong Buy” on daily indicators, with 8 buy signals and 0 sell, a 14‑day RSI around the low‑50s (neutral), and a positive MACD. ^[21]
• StockInvest.us sees HOOD as “Hold/Accumulate”, not an outright buy, noting:
  • The stock is in a very wide horizontal range roughly $104–$149, near the upper half of that zone.
  • Support from recent volume sits near $128–$130, with heavier resistance around $137–$139 and higher at $143+.
  • Their models expect a “fair” opening price near $135.53 on December 11 and a possible intraday range of $131.81–$139.49 (±5.8%). ^[22]

On top of that, CoinCodex’s algorithmic forecast expects:

• A slight uptick toward $135.71 for today (Dec 11),
• A mild drift down toward the low‑$130s over the next five days,
• A 3‑month target around the low‑$160s, with a modelled 1‑year gain of ~68% (take that with the usual algorithmic‑model salt). ^[23]

These tools are not guarantees, but they’re a useful read on how quant‑oriented traders are framing near‑term risk/reward: bullish trend, high volatility, and limited room for error at current valuations.

4. Flows and Positioning: Who’s Buying and Selling HOOD?

Recent filings and institutional news add some color to the tape:

• Flow Traders U.S. LLC disclosed a new stake in Robinhood in Q3, worth around $769,000, a modest but notable entry from a well‑known trading firm. ^[24]
• Arrow Capital Management reported cutting its HOOD position by roughly 21% in Q3, although it still holds a material stake. ^[25]

Options flow tracking (via services like Barchart and MarketChameleon) has recently shown:

• Active call and put trading, with a leaning toward call buying but moderate put protection, consistent with a high‑beta stock where traders are managing both upside bets and downside hedges. ^[26]

None of this screams “capitulation” or “euphoria” on its own, but it reinforces the picture of a stock:

• Widely held across momentum, options, and hedge‑fund communities,
• Prone to fast swings on any surprise in trading volumes, crypto sentiment, or regulation.

5. Strategic Drivers Behind the Story: Prediction Markets, Crypto & Global Expansion

The news on December 10 doesn’t exist in a vacuum. Wall Street’s reaction is anchored in a bigger narrative that’s been building all year.

5.1 Prediction markets and MIAXdx

Robinhood has leaned hard into “event contracts” — low‑cost binary bets on outcomes in politics, sports, economics and more:

• Management says event‑contract volume doubled every quarter, hitting 2.3 billion contracts in Q3, and 2.5 billion in October alone, putting the business on pace for roughly $300 million in annualized revenue. ^[27]
• Miami International Holdings (MIAX) agreed to sell 90% of its MIAX Derivatives Exchange (MIAXdx) to Robinhood, which aims to build a deeper derivatives and prediction‑markets franchise alongside partners like Susquehanna. ^[28]

That’s a big part of why IBD just named Robinhood its “Stock of the Day,” highlighting a 260% gain in 2025 and noting a double‑bottom base with a potential buy point around $150.47, with earlier entries near $139.75–$143. ^[29]

5.2 Crypto, staking and tokenized stocks

On the crypto side, Robinhood keeps stacking new revenue levers:

• In early December, the company launched Ethereum (ETH) and Solana (SOL) staking for U.S. customers, starting with New York, where users can now earn yield on-chain within the Robinhood ecosystem. ^[30]
• In Europe, Robinhood is rolling out perpetual futures with up to 7x leverage on assets like XRP, DOGE and SUI, and offering over 1,000 tokenized U.S. stocks and money‑market funds for 24/7 trading, positioning itself as an “all‑in‑one investment app powered by crypto.” ^[31]

Q3 earnings already showed how central crypto has become:

• Transaction‑based revenue jumped 129% Y/Y to ~$730M,
• Crypto trading revenue exploded 300–330% Y/Y to about $268M,
• Overall revenue roughly doubled to ~$1.27B, with EPS of $0.61 vs. $0.54 expected. ^[32]

This is why articles on Nasdaq and Motley Fool keep stressing that HOOD has been tightly correlated with Bitcoin and Ethereum — when crypto is hot, Robinhood’s results and share price tend to sizzle. ^[33]

5.3 International expansion: Indonesia and beyond

In December, Robinhood also pushed its international expansion narrative:

• It agreed to acquire Indonesian brokerage Buana Capital Sekuritas and licensed digital‑asset firm PT Multi Digital Data (MDD), targeting a market with over 17 million crypto traders and 19 million capital‑market investors. ^[34]
• The company has repeatedly signalled a goal that roughly half of its revenue will eventually come from outside the U.S. and from institutional clients, with the Bitstamp acquisition and EU futures/tokenization push as key building blocks. ^[35]

This long‑term growth story is exactly why several analysts still justify premium price targets — even as near‑term valuations look stretched.

6. Key Risks and Regulatory Overhangs

Before the opening bell, it’s crucial to remember the “other side” of the story.

6.1 Regulation of event contracts and “gambling” claims

On December 3, Connecticut’s Department of Consumer Protection issued cease‑and‑desist orders to Robinhood, Crypto.com and Kalshi, arguing that certain event contracts constitute unlicensed sports wagering. ^[36]

• Robinhood insists its products fit within federally regulated event contracts, not state‑level sports betting.
• Kalshi has already secured a temporary pause on enforcement, and the legal clarity around prediction markets is likely to evolve over months or years, not days. ^[37]

Still, this is a material overhang: if more states follow Connecticut’s lead, or federal regulators tighten the rules, the fast‑growing event‑contracts business could face friction.

6.2 Dependence on crypto cycles and market sentiment

Multiple analyses from Nasdaq, Motley Fool and others hammer home two realities: ^[38]

• Robinhood’s recent boom is heavily tied to crypto trading, which is historically boom‑and‑bust.
• The stock has shown a tight correlation with Bitcoin over the past 18–24 months.

If crypto or high‑growth tech sentiment sours, Robinhood’s:

• Trading volumes,
• Transaction revenues, and
• Share price

could drop much faster than a typical S&P 500 constituent.

6.3 Valuation and leadership risk

• Recent commentary pegs Robinhood’s forward P/E in the high‑50s range — more than double the S&P 500 multiple. ^[39]
• Following Q3 earnings, the company also announced a CFO transition, which contributed to a sharp one‑day sell‑off at the time and is still in the background of investor sentiment. ^[40]

Premium valuations plus leadership changes make execution risk more acute: markets will punish any stumble in growth, regulation, or cost control.

7. What to Watch Before the Market Opens on December 11, 2025

Pulling this together, here are the main things traders and investors should have on their radar going into today’s session:

7.1 Does pre-market trading confirm or reverse the after-hours move?

• After hours on December 10, HOOD dropped to about $132.50 (–2.33%), but pre‑market quotes near $135.22 (–0.36%) suggest some buyers stepped in. ^[41]
• Watch whether early liquidity at the open pushes the stock:
  • Back toward the $137–$139 resistance band highlighted by technical services, or
  • Down toward $132–$130, where volume‑based support becomes more important. ^[42]

7.2 How markets digest the November metrics

The November operating data is mixed, not disastrous:

• Negative optics: headline funded customers fell, trading volumes dropped sharply vs. October, and securities lending revenue slid M/M. ^[43]
• Positive fundamentals: customer growth is still positive once escheatment is adjusted for; net deposits are strong; year‑over‑year comparisons remain robust in equities and options; event contracts and margin balances are surging. ^[44]

Early commentary so far frames it as a “cool‑down after a blowout October” rather than a structural slowdown. But whether the stock trades like that is another question.

7.3 Fresh research notes, especially on valuation

• BofA’s target cut to $154 with a Buy rating and GuruFocus’ note that its own fair‑value model sits far below the current price (around $52) highlight a key divide: traditional value models vs. high‑growth narratives. ^[45]
• Keep an eye out for any additional analyst reactions to the November metrics. A wave of target cuts or rating changes could move the stock more than the raw numbers themselves.

7.4 Crypto prices and macro sentiment

Because Robinhood behaves like a leveraged bet on retail risk appetite:

• Big overnight moves in Bitcoin, Ethereum or major altcoins,
• Shifts in U.S. yields or risk‑on/risk‑off sentiment,

are likely to show up in HOOD’s opening trade. Recent coverage explicitly treats Bitcoin as a proxy for Robinhood’s health, given the company’s rapidly growing crypto revenues. ^[46]

7.5 Near‑term trading framework

For very short‑term traders, the combined picture from StockInvest.us and CoinCodex looks roughly like this: ^[47]

• Trend: Up, but extended.
• Volatility: High (average ~4% daily swings).
• Short‑term bias: Slightly bullish to flat (models show modest upside or small drift lower over the next few days).
• Key levels:
  • Support zone: $128–$130 (volume support).
  • Near resistance: $137–$139; bigger breakout zone above $143–$150.

Again, these are models, not guarantees, but they outline the battle lines likely to matter at the open.

Bottom Line: A Momentum Stock at a Crossroads

After the bell on December 10, Robinhood’s November metrics and the latest wave of analysis didn’t deliver a clear bullish or bearish shock. Instead, they reinforced a nuanced picture:

• Fundamentals: Strong year‑over‑year growth, robust net deposits, and rapidly expanding high‑margin businesses (event contracts, margin, crypto services).
• Near‑term headwinds: Normalization in trading volumes after an exceptional October, messy optics from account escheatment, and regulatory questions around prediction markets.
• Valuation: A premium multiple that assumes continued hyper‑growth — and leaves little margin for error.

Going into the December 11, 2025 open, HOOD looks like what it has been all year:

A high‑beta, high‑growth, regulation‑sensitive stock where crypto sentiment, retail activity, and regulators can matter just as much as traditional fundamentals.

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