The stock price of Robinhood, a free securities trading application, soared more than 24%, making up for the humiliation on the first day of its listing.
Robinhood closed at $46.80 on Thursday, a 24.20 percent jump from the battlefield in New York. Later, after-hours trading rose 11.65 percent to $52.25.
Robinhood was listed on the NASDAQ as a ticker code on the 29th of last month, four days before. The public offering price was 38 dollars, but fell 8 percent on the first day of public offering, and failed to recover the public offering price for three trading days.
However, stock prices rose sharply on the 3rd, the fourth day of public offering, and eventually surged more than 24 percent, surpassing 38 dollars to close at 46.80. Afterwards, the company rose more than $50 in overtime trading.
On the same day, Robin Hood received attention from individual investors in the New York stock market. According to CNBC, a Robinhood ticker named HOOD appeared as the most mentioned item in the stock information sharing room “Wall Street Betts” (WSB), which is called the sacred place of ants.
Robinhood, which can trade stocks, cryptocurrency, and options, can also open a cash management account. The number of Robin Hood users jumped 151 percent from 7.2 million last year to 18 million in March this year. Robinhood estimated 22.5 million active accounts in the second quarter of this year.
Robinhood is also supported by star fund manager Cash Wood, who serves as a monthly family tongs. Investment firm Arc Invest, operated by Wood, bought 1.85 million shares of the company on the 30th of last month, the day after Robin Hood’s listing. On the first day of its listing, Arc Invest also swept 1.3 million shares of Robin Hood. The value of Robin Hood’s stake in Arc Invest is $147.5 million as of Thursday.
