Robinhood’s shares have tumbled into a bear market this year, slipping more than 30% from their October peak and reaching their lowest level since November 24. Trading volume has remained muted as a growing number of shareholders opt to sit on the sidelines, with weekly average volumes down roughly 15% compared with last quarter. The sustained selling pressure reflects mounting investor skepticism about Robinhood’s ability to reignite growth after a period of decelerating account openings and revenue per user.

Several Wall Street firms have revised their outlooks on Robinhood, citing rising customer acquisition costs and intensified competition from traditional brokerages and crypto trading platforms. While some analysts maintain a “hold” rating pending signs of improved monetization in crypto and cash management services, others have cut their targets by as much as 20% this quarter. Investors are particularly focused on guidance for new product launches, including the rollout of fractional-share subscriptions and expanded crypto offerings, which management has identified as key drivers for reversing the downtrend in user engagement and trading volumes.