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Robinhood Shares Surge 50 Perccent, as Investors Scoop up ‘The Meme of Memes’
By Reuters
Shares of Robinhood Markets Inc rose more than 50 percent on Wednesday during a wild trading session as investors scooped up shares after its underwhelming stock market debut last week.
The online brokerage’s shares closed at $70.39, off the session high of $85 when the stock was up nearly 82 percent, with one analyst dubbing it “the meme of memes” in a reference to stocks popularized this year by retail investors congregating in online platforms such as Reddit’s WallStreetBets.
The stock has risen far above its initial public offering price of $38 per share and has logged its fourth straight day of gains.
Robinhood surges more than 50pc as day traders pile in
Bailey Lipschultz
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Robinhood Markets jumped a whopping 50 per cent after a wave of individual investors joined the likes of Cathie Wood to pile on the zero-fee trading platform.
The stock traded as high as $US85 in New York before trimming gains to close at $US70.39 as the volatility triggered at least three trading halts. The frenzied share buying pushed the company’s market value to a peak of $US65 billion ($88 billion) from $US29.1 billion after its debut on Nasdaq last week.
Robinhood’s shares took off overnight.
FDC
’We’ve seen this movie before and this pump and dump of Robinhood will not end well for many traders,” said Ed Moya, senior market analyst at Oanda. “Robinhood’s revenue streams will come into question once the government applies rules to payment of order flow.”
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