- SEC filings indicate that Alphabet cut its ownership of Robinhood stock in the second-quarter by 90%.
- Google has reduced its shareholding from approximately 4.9 millions shares to around 612,000.
- Robinhood just had its first profitable quarter since becoming a publicly traded company. However, it’s losing active users.
AlphabetReduced its stake in RobinhoodAccording to a Friday report, the number of people who are unemployed has increased by almost 90% in the second-quarter. SEC filing.
Google, the parent company, reduced its stake from 4.9 millions shares at March’s end to 612 214 shares by June’s end. The remaining stake in Robinhood is worth $7.06m at the closing price of $11.54 per share on Thursday.
Stock of the trading platform rose by 0.1% on Friday. The Dow Jones Industrial Average fell 7% on ThursdayOn its latest earnings report, it showed that its average monthly active users dropped to 10,8 million in the second quarter.
Robinhood has seen a decline in its number of retail investors from 21 million at the beginning of 2021 when the popularity and memes surrounding stock trading made Robinhood a popular choice for retail investors.
Trading in options, crypto and equity all saw declines.
Robinhood still managed to achieve its first profitable quarter ever as a publicly traded company, thanks to the environment of high interest rates. Customers poured into its retirement programs, including the Robinhood Gold, which offers a current yield of 4.9%.
The SEC filing also shows that Alphabet reduced its ownership of the gene testing company, 23andMe, and the language learning app, Duolingo.
Duolingo shares fell 1.4%, while 23andMe shares rose 3.5%.
