Online inventory buying and selling platform Robinhood’s rating within the Apple’s App Store has steadily declined over the previous month. From being within the prime spot amongst free apps in early February, now, its rating has fallen beneath the highest 100 now, data from Sensor Tower shows.
Going by a number of the latest critiques on Sensor Tower, many customers seem to have fallen out of affection with the app . One irate consumer said that the “review keeps getting deleted” and wished that there was an choice to “give zero stars”, and one other mentioned that the app was “manipulating the price of stocks”.
A 3rd consumer requested folks to not obtain the app as a result of the corporate was apparently continually “updating things that prevent you from withdrawing your money or buying or selling crypto”. One of the critiques additionally mentioned that Robinhood had “no customer support with weird account restrictions” and gave one star to the app.
Robinhood has sustained a break beneath the 100 rank on the iOS app retailer since March 19. In Feb at peak of meme inventory craze was in prime 20. TD Ameritrade’s highs had been #16 and now at #850. I’m shifting danger from meme inventory to institutional performs till there’s a choose up in curiosity
— Alex Good (@goodalexander) March 23, 2021
The damaging critiques on Sensor Tower don’t augur nicely for the San Francisco-based on-line dealer. On Tuesday (March 23), the corporate said that it had confidentially submitted plans to regulators for a US initial public offering (IPO).
Robinhood has been within the line of fireplace of the regulator and its (Robinhood’s) buyer since December.
The firm agreed to pay a $65 million civil penalty to settle a case with the Securities Exchange Commission charging it with deceiving clients about how the inventory buying and selling app made cash and failing to ship the promised finest execution of trades.
In January, the app once more discovered itself within the eye of a storm after it restricted its customers from buying shares of GameStop, AMC and Nokia, which had been on a tear due to quick protecting by hedge funds, Robinhood justified the transfer saying it was required to maintain a considerable sum of money readily available to be able to course of all of the trades taking place by its clearinghouse.
This, nevertheless, didn’t reduce ice with the retail traders who had been barred from inserting trades in these shares. They accused Robinhood of siding with hedge funds and institutional traders, and hurting the pursuits of small traders, and one investor filed a lawsuit towards Robinhood over this matter.
Robinhood’s IPO might be extremely anticipated amongst traders. According to Bloomberg Intelligence analyst David Ritter, the corporate could possibly be value as a lot as $40 billion in an IPO, primarily based on buying and selling within the secondary market.
