If you don’t know, our Robintrack review is here to help you understand what could have been. You may have done a double-take here and thought I wrote Robinhood. Well, you may be partially right. The two sites are directly connected in many ways. Robinhood is a popular retail trading app that allows casual investors to buy and sell stocks. All from the convenience of their mobile phone. Robintrack is an entirely separate site. It was used to track trends and user preferences on the Robinhood app. One of the prime examples of this was the daily top ten stocks traded on the Robinhood list. Many investors would refer to these as a part of their research into a company.
Robintrack was started by a 23-year-old computer programmer, Casey Primozic, who grew up in Seattle, Washington. While working for a small cryptocurrency startup, Primozic tapped into the data Robinhood provided. He created Robintrack to collect that data using Robinhood’s API or Application Programming Interface. It’s the way that applications communicate with each other in the background. Primozic, a longtime Robinhood user, started the site as a fun way to collect data on the popularity of stocks and how that affected the pricing levels. Primozic began to get calls from high-level fund managers. Even Robinhood itself called for an interview. He knew he’d stumbled onto something big. So here we are with a Robintrack review.
Can I Still Use Robintrack?
Unfortunately, Robinhood took down the API relaying the stock tracking data in August 2020. They cited how the data was used to paint Robinhood negatively as a day trading app rather than a buy-and-hold platform.
At this point, Primozic was receiving offers and interest from hedge fund managers and other companies looking to create an algorithm from the information he’d gathered.
Robintrack was a rising star on Wall Street. But as quickly as its popularity had ballooned, Robinhood decided to take it away.
It’s difficult to fault Robinhood for wanting to protect its users’ information, as few online investment platforms would be willing to post these figures for public viewing.
People can use any data for both positive and negative reasons. As a result, Robinhood just decided not to take that risk. Primozic did mention that Robinhood was open to providing this again in the future, perhaps in a different form.
However, they did not indicate when or what that would look like. At that point, our Robintrack review would take on a different look.
Review of What Robintrack Offers
Information. Nothing is more powerful than information. And while Primozic was merely trying to provide a service to other investors, some could’ve used that information for the wrong reasons.
As mentioned before, the heart of Robintrack was a way to track the most popular stocks by trading volume on the Robinhood application, pretty much in real time. Here is an example of what it would look like on the Robintrack site.
As you can see, you can filter by period and the number of stocks you want to look up (1, 10, 50, 100, etc.). The start and end columns are the total shares held in Robinhood accounts.
It’s a simple yet extremely useful tool that shows exactly what retail investors are interested in. And what stocks they’re buying.
Primozic even threw in filters like the least and most popular stocks leaderboard and a retail trading barometer. It tracked the aggregate absolute change in the number of users holding trackable assets in Robinhood versus the price of $SPY, one of the more prominent S&P 500 ETFs.
This Robintrack review lets us know this is something we would have loved. We hope it comes back at some point with safeguards in place.
Why the Interest in Robinhood?
Robinhood often gets a bad reputation. Especially amongst institutional investors and on sites like FinTwit or StockTwits. Why is this?
Robinhood is associated with the emergence of mobile stock trading and getting the millennial generation, with little or no previous experience, into investing.
Robinhood users are generally typecast as not being very savvy and following tips they find on FinTwit or other easily accessible forums. Is this true?
Not necessarily. It’s difficult to say that a group of users of one investing platform are worse at investing than users on another. It’s just that Robinhood rose to prominence during the COVID-19 pandemic when investing to make money while at home rose in popularity.
Robinhood has become the name synonymous with stock trading amongst the younger generations. It’s caught the eye of hedge fund managers as a way of spotting trends amongst retail investors.
Which can provide insight into how a stock can reasonably be expected to perform. With these edges, you can see why so many people were interested in what Primozic was doing on Robintrack.
One theory why Robinhood stopped providing that data for the public to view is that the Menlo Park, California-based company is aggressively seeking a move to the public markets via an IPO.
This would make sense as once a company has ceded some of its control to shareholders; they must be held accountable for anything they do.
While providing that data is not illegal by any stretch, Robinhood could be in a better safe than sorry mode while they seek to raise capital for a Wall Street debut.
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What Is Robintrack?
Our Robintrack review lets us know that this was a data site. It was able to track Robinhood data. Until they removed that capability. If you’ve paid attention to the news recently, you know Robinhood has come under fire a lot lately. As a result, getting rid of their public data can help them on that front.
Can I Find Robintrack Data Anywhere?
Not exactly. However, other sites are dedicated to gathering large amounts of investing data and organizing it into a tool that can be used to get a better picture of the market environment.
One of the more interesting groups in the online investing community is the subreddit community wallstreetbets. Over 2 million active users post about trades and investment ideas all day.
Now, I won’t go into the trades that Wall Street bets users make because you can read about some of that “stonks meme” stuff if you want to. But one development that has risen from this subreddit group is SwaggyStocks.
This website tracks the mentions of stock ticker symbols within the Wall Street bets subreddit comments and posts.
With such a large group of members, the forums on wallstreetbets produce nearly 50,000 comments per day. And unless you have a ton of time, it’s impossible to parse through all that information before the markets close for the day.
Enter SwaggyStocks.com. The site accumulates all the stock mentions and compiles them into an easy-to-use webpage for free.
As you can probably tell, it’s not necessarily the big names that are always the topic of discussion. On many other platforms, penny and growth stocks are often more popular.
It’s because of the amount they can run and the profit that can potentially be made in a short amount of time.
While SwaggyStocks shouldn’t be used as your only place for investing research, it provides insight into a very large and powerful group of Internet investors, giving you a nice population sample for market trends and stock information.
There is also an ongoing feed of comments and posts from the wallstreetbets subreddit for people on the SwaggyStocks site and a wallstreetbets index to gauge the temperature and sentiment on the biggest stocks on the market.
Final Thoughts: Robintrack Review
The fact that a 23-year-old computer programmer could so easily access and lift data from Robinhood’s site is a remarkable feat. And one that got the attention of many people on Wall Street.
While Robintrack no longer exists in the form that made it popular, it was an interesting use case in how much high-level hedge fund managers pay attention to the day-to-day minutiae and buying and selling of casual retail investors.
It goes to show just how valuable this kind of information truly is. While nobody can blame Robinhood for deciding to shut this API off, they have left the door open to reactivate it in some capacity in the future.
Other sites can be compared to what Robintrack did—specifically, SwaggyStocks. Com provides investors an insight into the hottest and most talked about stocks on Wall Street bets.
While much of this information is derived from the comments and posts of Reddit members, let’s remember that a data extraction API does not always filter out things like sarcasm or fake posts.
That is why the data on Robintrack was so valuable and accurate: it was cold, hard data taken right from the application itself in real time.