Online brokerage firm Robin Hood soars 29%, soaring past offer prices

© Reuters. File photo: Robinhood Markets, Inc. The logo will be seen on July 29, 2021 at a pop-up event on Wall Street after the company’s IPO in New York City, USA. REUTERS / Andrew Kelly

(Reuters)-Robin Hood (NASDAQ :) The market finally got the predicted share bounce on last week’s tumultuous Nasdaq listing, as much as 29% as investors followed influential fund manager Cathie Wood. Soared.

Stocks of online brokerage firms plunged 8% last Thursday when they went public. This surprised analysts who took the unusual step of booking 20% ​​to 35% of their shares, hoping for strong support from the small traders who provide the service. Levitation.

However, filings show that company executives sold their shares the day before the launch, and CEO Vladimir Tenev cashed 1.25 million shares for about $ 45.5 million, declining initial value. Explains the possibilities of.

By 1:45 EST, they rose 26% to $ 47.59. This is the third day profit above the IPO price of $ 38.

Shares rose about 7% on Monday after Wood’s flagship ARK Innovation ETF revealed that it had acquired more shares in its initial public offering.

According to the latest data on the fund’s website, ETFs currently hold nearly 5 million shares of Robin Hood, which is about 0.8% of the portfolio.

Robin Hood is one of the trading apps that can help fuel this year’s “meme” stock frenzy, but retail investors eavesdropped on stocks on online forums such as Reddit last week.

The company’s stock was one of the top five trending stocks on the trading-focused social media site Stocktwits on Tuesday, but nearly three-quarters of the comments were negative. Platforms are commonly viewed as a measure of interest from individual investors.

The Trading App does not encourage users to sell their IPO shares within the first 30 days of the offer and limits them from participating in future IPO transactions for two months if they participate.

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Online brokerage firm Robin Hood soars 29%, soaring past offer prices

Source link Online brokerage firm Robin Hood soars 29%, soaring past offer prices

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