Shares of zero-fee buying and selling platform Robinhood Markets are hovering as retail traders comply with the lead of rockstar fund supervisor Cathie Wood who elevated her stake within the agency.
4 Aug 2021
Robinhood Markets Inc. jumped a whopping 82% on Wednesday after a wave of particular person traders joined the likes of Cathie Wood to pile on the zero-fee buying and selling platform.
The inventory traded at a report $85 at 9:46 a.m. in New York, extending positive aspects for a fourth-straight session and triggering at the very least two buying and selling halts. The frenzied share shopping for pushed the corporate’s market worth to $65 billion from $29.1 billion at its debut on Nasdaq final week.
Retail traders’ participation took off previously couple of classes after a lukewarm reception. They purchased a web $19.Four million price of Robinhood shares on Tuesday to make it the sixth-most-purchased inventory and 11th-most-traded safety on retail platforms, in accordance with information compiled by Vanda Securities Pte.
Total retail quantity on Tuesday surged about 10-fold from yesterday, the info present. On Thursday morning 28 million shares exchanged fingers.
The retail traders buying and selling enhance got here alongside Ark Investment Management’s move to extend stake within the firm. Ark Fintech Innovation ETF purchased 89,622 Robinhood shares within the earlier session as they surged 24% to shut at $46.80 apiece.
(Updates share motion and context in first, second paragraphs.)
–With help from Abhishek Vishnoi.