Robinhood Markets, Inc. (Robinhood (HOOD)) stock is falling on Friday amid broader market pressures, extending a sharp drop from Thursday. Investors are assessing the company’s recent strategic moves and financial maneuvers alongside shifting market conditions. The Nasdaq is down 2.67% while the S&P 500 has shed 1.27%.

Asset-Backed Bond Sale Plans

Bloomberg reported this week that Robinhood is looking to sell at least $400 million of asset-backed securities in four parts. According to the report, the total offering could potentially reach as large as $500 million.

The bond would reportedly be backed by bills for its consumer credit cards. Bloomberg noted that initial price talk on the highest-rated portion of the deal is a premium of about 0.8 percentage points over the benchmark.

This fundraising effort comes as Robinhood pushes beyond its core brokerage business. The company launched a $695 platinum-plated card in March to compete with American Express, two years after debuting its no-fee Gold Card.

Earnings and Analyst Views

The stock movement follows mixed signals from Wall Street. On Thursday, Goldman Sachs maintained a Buy rating on Robinhood Markets and raised its price forecast to $137.

Robinhood has a consensus price forecast of $119.41 based on the ratings of 27 analysts.

Robinhood is scheduled to report second-quarter earnings on July 29. Analysts estimate earnings per share of 41 cents and quarterly revenue of $1.21 billion.

Critical Levels To Watch for HOOD Stock

From a trend perspective, HOOD is in a mixed spot: it’s trading 4.1% above its 50-day SMA ($92.96) and 14.2% above its 100-day SMA ($84.70), but it’s also 9.7% below its 20-day SMA ($107.15). That combination often reads as a longer-term uptrend that’s losing steam in the near term.

The 200-day SMA ($101.73) is also in play, with the stock trading 4.9% below it, so rallies may need to reclaim that long-term trend gauge to reset bullish confidence. The "death cross" that formed in February (50-day SMA below the 200-day SMA) still hangs over the chart as a reminder that longer-term trend repair has been uneven.

• Key Resistance: $112.50
• Key Support: $93

HOOD Price Action: Robinhood Markets shares were down 4.90% at $100.82 at the time of publication on Friday.