Small-time traders use Robinhood Markets Inc. to ship shares to the moon. Now they’re setting their sights on the buying and selling app itself.
Buyers piled into Robinhood choices on their first day of buying and selling Wednesday, serving to ship the top off sharply. Robinhood, which made its debut on Nasdaq last week at $38 a share, hovered round $70 in latest buying and selling, an 84% leap from its initial-public-offering worth. It surged as excessive as $85 earlier within the session, almost double its Tuesday closing worth of $46.80 a share.
It’s a outstanding turnaround for a corporation that simply final week suffered a disappointing start to trading. On the day that buying and selling kicked off, Robinhood tumbled greater than 10% intraday, earlier than ending under $35 a share.
This week, sentiment surrounding the inventory reversed course. By late afternoon Wednesday, greater than 151 million shares had modified arms, surpassing the 102.5 million throughout the firm’s first day of buying and selling. That made Robinhood the second-most actively traded inventory within the U.S. market, based on Dow Jones Market Knowledge, primarily based on evaluation of firms buying and selling above $2 on the New York Inventory Alternate or Nasdaq.
On the peak of buying and selling Wednesday, the eight-year-old firm had a market worth of greater than $71 billion, surpassing even Intercontinental Alternate Inc., which owns the New York Inventory Alternate.