Investing
Robinhood Surges as Much as 82% a Day After Surpassing IPO Price
- Stock soared as much as 82% amid volatility, spiking volume
- Debut of option trading likely drove interest, strategist says
The Robinhood app.
Photographer: Tiffany Hagler-Geard/BloombergThis article is for subscribers only.
Robinhood Markets Inc. jumped a whopping 50% on Wednesday 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 $85 in New York before trimming gains to close at $70.39 as the volatility triggered at least three trading halts. The frenzied share buying pushed the company’s market value to a peak of $65 billion from $29.1 billion after its debut on Nasdaq last week.