Robinhood’s arrival on Wall Street was a rollercoaster ride. Fintech stocks saw the worst debut ever for a company of this size, but the following sessions were reflexive. After a 24% rise on Tuesday, Robinhood is up 81% in the US opening yards.
What would have been a moment of celebration among amateur investors and the validation of the rush to “Mim Stocks” turned out to be a failure. The brokerage that became famous for the rush of this group of retail investors Its value is down more than 8% Thursday to $34.82 a share, down from the $38 it debuted on the US stock exchange.
But this value goes away. Throughout Tuesday, bonds returned to trading above their initial public offering (IPO) price, after closing the session with a 24% gain. This Wednesday, they hit $85 (up 81%) at the open, and an hour and a half later the price is up 71% at $63.32 per share. Volatility is a sign of trading, with nearly 40 million bonds in circulation. This is the highest value after buying and selling 102.5 million shares on the day of the IPO. The reason for the rally isn’t clear, but it could be a corrective move related to recent interest from retail investor and fund guru (and Ark Invest CEO) Cathy Wood.
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