Robinhood customers piling into a stock usually resulted in lower returns, Barclays found.
Barclays analyzed Robinhood customer holdings and compared them to daily market returns and concluded that there's “no clear relationship” between retail investors adding shares and S&P 500 index moves.
The idea that new investors using zero-cost brokerage firms like Robinhood were driving up the market has become a popular narrative on Wall Street.
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