<p><strong>Robinhood</strong>（HOOD +0.01%）的股票在 2025 年大幅上漲，因為公司擴大了用户基礎，並通過增加額外服務來增強其交易平台。結果是過去一年股價上漲超過 200%。</p>
<p>然而，儘管該平台受歡迎且公司表現良好，但仍有一些理由讓人懷疑 Robinhood 能否在 2026 年維持這種勢頭。以下是投資者在 2026 年不應購買 Robinhood 的一些原因，以及當前股東可能面臨的一些警示信號。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NDYzNDMvZ2V0dHlpbWFnZXMtMjE0OTk1NDgwMC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTM4NDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1200" height="800" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NDYzNDMvZ2V0dHlpbWFnZXMtMjE0OTk1NDgwMC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTM4NDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>為什麼 Robinhood 在 2026 年不值得購買</h2>
<p>Robinhood 令人印象深刻的增長部分是由於其合法的增長。公司的收入在第三季度翻了一番，達到了 13 億美元，且 非 GAAP（調整後）每股收益增長了 259%，達到了 0.61 美元。Robinhood 還將每用户平均收入提高了 82%，達到了 191 美元。</p>
<p>這種增長部分是由於更多客户湧向 Robinhood，總用户在該季度達到了 2680 萬，比去年同期增長了 10%。</p>
<p>然而，儘管這些結果令人印象深刻，但必須注意的是，Robinhood 的快速增長在很大程度上是由於 股市繁榮。<strong>標準普爾 500 指數</strong> 在過去三年中上漲了驚人的 75%。許多加密貨幣的表現也很好，<strong>比特幣</strong> 的價值上漲了超過 400%。</p>
<p>廣告</p>
<p>Robinhood 的大部分收入來自交易，crypto 投資和 期權交易 是公司兩個重要的領域。這兩個領域本質上都是市場中風險較高的領域，這使得 Robinhood 在好時光結束時變得脆弱。</p>
<p>所有這些在 Robinhood 的股價背景下都很重要，因為公司的增長與市場表現密切相關。Robinhood 於 2021 年上市，自那時以來，投資者經歷了股市和 加密貨幣 價格的飆升。考慮到 Robinhood 尚未經歷熊市，現在押注於這隻高飛股票的投資者實際上是在投資一家在困難時期尚未證明其業績的公司。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0hPT0QucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Robinhood 市場股票報價" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0hPT0QucG5nJnc9MTI4"/></p>
<h2>NASDAQ: HOOD</h2>
<p>Robinhood Markets</p>
<p>今日變動</p>
<p>(0.01%) $0.01</p>
<p>當前價格</p>
<p>$120.25</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$1080 億</p>
<p>日內區間</p>
<p>$118.65 - $120.64</p>
<p>52 周區間</p>
<p>$29.66 - $153.86</p>
<p>成交量</p>
<p>733</p>
<p>平均成交量</p>
<p>2800 萬</p>
<p>毛利率</p>
<p>89.78%</p>
<h2>你應該在 2026 年賣出還是持有 Robinhood 股票？</h2>
<p>我理解為什麼一些投資者可能想要 繼續持有他們的 Robinhood 股票。畢竟，公司的收入和利潤都在增長，並且正在增加新用户。</p>
<p>我認為可以提出繼續持有股票的理由，只要公司繼續改善。然而，我也要警告，如果美國經濟開始放緩，Robinhood 的股票可能會經歷顯著下跌。</p>
<p>我們已經看到一些跡象表明這種情況正在發生，11 月份失業率上升至 4.6%，10 月份的 裁員 人數達到了 22 年來的最高水平。11 月份有一些就業增長，這為經濟帶來了一些混合信號，但大局是 Robinhood 的投資者應該密切關注任何重大經濟變化。</p>
<p>最終，我們過去幾年來經歷的牛市將會結束。如果經濟顯著放緩或 進入衰退，投資者可能會減少一些風險較高的投資，包括加密貨幣。市場的顯著下跌可能會導致 Robinhood 的股價下跌。考慮到許多年輕投資者尚未經歷熊市，廣泛的下跌可能會導致他們迅速拋售股票以避免損失。</p>
<p>所有這些意味着 Robinhood 的投資者可能更好地儘快兑現收益，而不是等到 2026 年股票繼續上漲。如果熊市即將來臨，Robinhood 可能會受到比一些股票更大的影響——而且公司存在的時間還不夠長，無法證明它知道如何在長期市場下滑中實現增長。</p>

HOOD

<p>Robinhood 的股票在 2025 年因用户基礎擴張和增強的交易服務而大幅上漲，股價增長了 200%。儘管增長令人印象深刻，但由於市場依賴性和經濟風險，2026 年能否持續這種勢頭仍然存在擔憂。收入翻倍至 13 億美元，但對加密貨幣和期權交易等高風險領域的依賴使其面臨脆弱性。建議投資者謹慎考慮出售或持有股票，因為經濟變化可能會影響 Robinhood 的表現，尤其是在熊市出現的情況下</p>

<p><strong>Robinhood</strong>( HOOD +0.01%) stock surged in 2025 as the company expanded its user base and enhanced its trading platform with additional services. The result has been an impressive share price gain of more than 200% during the past year.</p>
<div class="lb-trans"><p><strong>Robinhood</strong>（HOOD +0.01%）的股票在 2025 年大幅上漲，因為公司擴大了用户基礎，並通過增加額外服務來增強其交易平台。結果是過去一年股價上漲超過 200%。</p>
</div><p>However, despite the platform's popularity and the company's performance, there are some reasons to doubt that Robinhood will be able to sustain the momentum in 2026. Here's why investors shouldn't buy Robinhood in 2026 and some potential warning signs for current shareholders.</p>
<div class="lb-trans"><p>然而，儘管該平台受歡迎且公司表現良好，但仍有一些理由讓人懷疑 Robinhood 能否在 2026 年維持這種勢頭。以下是投資者在 2026 年不應購買 Robinhood 的一些原因，以及當前股東可能面臨的一些警示信號。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NDYzNDMvZ2V0dHlpbWFnZXMtMjE0OTk1NDgwMC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTM4NDA" alt="A Wall Street sign." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F846343%2Fgettyimages-2149954800-1200x800-5b2df79.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Why Robinhood isn't a buy for 2026</h2>
<div class="lb-trans"><h2>為什麼 Robinhood 在 2026 年不值得購買</h2>
</div><p>Part of Robinhood's impressive gains is the result of legitimate growth. The company's revenue doubled in the third quarter to $1.3 billion, and non-GAAP (adjusted) earnings increased 259% to $0.61 per share. Robinhood also increased its average revenue per user by 82% to $191.</p>
<div class="lb-trans"><p>Robinhood 令人印象深刻的增長部分是由於其合法的增長。公司的收入在第三季度翻了一番，達到了 13 億美元，且 非 GAAP（調整後）每股收益增長了 259%，達到了 0.61 美元。Robinhood 還將每用户平均收入提高了 82%，達到了 191 美元。</p>
</div><p>Some of that growth was fueled by more customers flocking to Robinhood, as total users reached 26.8 million in the quarter, representing a 10% increase from the year-ago period.</p>
<div class="lb-trans"><p>這種增長部分是由於更多客户湧向 Robinhood，總用户在該季度達到了 2680 萬，比去年同期增長了 10%。</p>
</div><p>However, despite those impressive results, it's essential to note that Robinhood's rapid growth is largely due to the booming stock market. The <strong>S&amp;P 500</strong> has gained a phenomenal 75% during the past three years. Many cryptocurrencies have also performed well, with <strong>Bitcoin</strong>'s value rising by more than 400%.</p>
<div class="lb-trans"><p>然而，儘管這些結果令人印象深刻，但必須注意的是，Robinhood 的快速增長在很大程度上是由於 股市繁榮。<strong>標準普爾 500 指數</strong> 在過去三年中上漲了驚人的 75%。許多加密貨幣的表現也很好，<strong>比特幣</strong> 的價值上漲了超過 400%。</p>
</div><p>Advertisement</p>
<div class="lb-trans"><p>廣告</p>
</div><p>Much of Robinhood's revenue is generated by transactions, with crypto investments and options trading being two important segments for the company. Both of these are inherently risky areas of the market, which makes Robinhood vulnerable if the good times come to an end soon.</p>
<div class="lb-trans"><p>Robinhood 的大部分收入來自交易，crypto 投資和 期權交易 是公司兩個重要的領域。這兩個領域本質上都是市場中風險較高的領域，這使得 Robinhood 在好時光結束時變得脆弱。</p>
</div><p>All of this matters in the context of Robinhood's share price because the company's growth is closely tied to the market's performance. Robinhood went public in 2021, and since then, investors have experienced surging stock and cryptocurrency prices. Considering that Robinhood has yet to weather a bear market, investors betting on this high-flying stock right now are investing in a company with an unproven track record during difficult times.</p>
<div class="lb-trans"><p>所有這些在 Robinhood 的股價背景下都很重要，因為公司的增長與市場表現密切相關。Robinhood 於 2021 年上市，自那時以來，投資者經歷了股市和 加密貨幣 價格的飆升。考慮到 Robinhood 尚未經歷熊市，現在押注於這隻高飛股票的投資者實際上是在投資一家在困難時期尚未證明其業績的公司。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0hPT0QucG5nJnc9MTI4" alt="Robinhood Markets Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FHOOD.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: HOOD</h2>
<div class="lb-trans"><h2>NASDAQ: HOOD</h2>
</div><p>Robinhood Markets</p>
<div class="lb-trans"><p>Robinhood Markets</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(0.01%) $0.01</p>
<div class="lb-trans"><p>(0.01%) $0.01</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$120.25</p>
<div class="lb-trans"><p>$120.25</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$108B</p>
<div class="lb-trans"><p>$1080 億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$118.65 - $120.64</p>
<div class="lb-trans"><p>$118.65 - $120.64</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$29.66 - $153.86</p>
<div class="lb-trans"><p>$29.66 - $153.86</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>733</p>
<div class="lb-trans"><p>733</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>28M</p>
<div class="lb-trans"><p>2800 萬</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>89.78%</p>
<div class="lb-trans"><p>89.78%</p>
</div><h2>Should you sell or hold Robinhood stock in 2026?</h2>
<div class="lb-trans"><h2>你應該在 2026 年賣出還是持有 Robinhood 股票？</h2>
</div><p>I understand why some investors may want to hold on to their Robinhood shares right now. After all, the company's top and bottom lines are growing, and it's adding new users.</p>
<div class="lb-trans"><p>我理解為什麼一些投資者可能想要 繼續持有他們的 Robinhood 股票。畢竟，公司的收入和利潤都在增長，並且正在增加新用户。</p>
</div><p>I think a case can be made for holding on to your shares for a bit longer, as long as the company continues improving. However, I would also caution that Robinhood's stock could experience significant declines if the U.S. economy begins to slow down.</p>
<div class="lb-trans"><p>我認為可以提出繼續持有股票的理由，只要公司繼續改善。然而，我也要警告，如果美國經濟開始放緩，Robinhood 的股票可能會經歷顯著下跌。</p>
</div><p>We've already seen some indications that this is happening, as unemployment ticked higher to 4.6% in November and the number of October layoffs reached a 22-year high for that month. Some job gains were made in November, which creates some mixed signals for the economy, but the big picture here is that Robinhood investors should keep a close eye on any significant economic shifts.</p>
<div class="lb-trans"><p>我們已經看到一些跡象表明這種情況正在發生，11 月份失業率上升至 4.6%，10 月份的 裁員 人數達到了 22 年來的最高水平。11 月份有一些就業增長，這為經濟帶來了一些混合信號，但大局是 Robinhood 的投資者應該密切關注任何重大經濟變化。</p>
</div><p>Eventually, the bull market we've experienced for the past several years will come to an end. If the economy slows significantly or enters a recession, investors are likely to pull back on some of their riskier investments, including cryptocurrencies. A significant downturn in the market would likely cause Robinhood's share price to fall. Considering that many younger investors haven't yet experienced a bear market, a broad decline might lead them to quickly sell off stocks to avoid losses.</p>
<div class="lb-trans"><p>最終，我們過去幾年來經歷的牛市將會結束。如果經濟顯著放緩或 進入衰退，投資者可能會減少一些風險較高的投資，包括加密貨幣。市場的顯著下跌可能會導致 Robinhood 的股價下跌。考慮到許多年輕投資者尚未經歷熊市，廣泛的下跌可能會導致他們迅速拋售股票以避免損失。</p>
</div><p>All of this means that Robinhood investors may be better off taking their returns soon, rather than waiting for the stock to march higher in 2026. If a bear market is around the corner, Robinhood will likely be affected more than some stocks -- and the company hasn't been around long enough to prove it knows how to grow during a prolonged market decline.</p>
<div class="lb-trans"><p>所有這些意味着 Robinhood 的投資者可能更好地儘快兑現收益，而不是等到 2026 年股票繼續上漲。如果熊市即將來臨，Robinhood 可能會受到比一些股票更大的影響——而且公司存在的時間還不夠長，無法證明它知道如何在長期市場下滑中實現增長。</p>
</div>

在 2026 年，Robinhood 是應該買入、賣出還是持有？