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Robinhood (HOOD) was temporarily halted due to volatility this morning as the stock climbed 65% in the first few minutes of trading. As of 10:10 a.m. ET, the headline was up 36%. The upward move comes a day after shares in the investment platform climbed 24%. The stock price surpassed its IPO price of $ 38 on Tuesday and closed at $ 46.80, in stark contrast to its public debut last week.
Interest from retailers could be a factor for the upward movement. Robinhood is one of the most mentioned stocks on Reddit’s WallStreetBets, according to SwaggyStocks. The stock’s commentary volume has skyrocketed over the past two days.
Last week, Cathie Wood’s Ark Innovation ETF (ARKK) recovered about 4.9 million shares of Robinhood, according to Bloomberg data.
Investors are watching the stock closely following Robinhood’s public debut last Thursday.
The stock fell as much as 12% below its IPO price on its first day of trading on the Nasdaq. Shares closed 8% lower that day. Some have wondered if its poor performance had something to do with Robinhood’s hybrid auction-style debut, a lack of a lock-in period for 15% of shares held by employees and the like, or concerns about headwinds. of the regulations.
Robinhood has been a key player in the retail boom involving GameStop (GME) and other stocks for the past year and a half. In an unusual move, the company allocated around 35% of its shares to retail investors for its IPO.
Ines is a markets reporter covering stocks on the New York Stock Exchange floor. Follow her on Twitter at @ines_ferre
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