Robinhood’s stock is flying again Wednesday, jumping so much that trading was temporarily halted three times in the first half-hour after the market opened.
Robinhood’s stock flew again on Wednesday, and it has more than doubled in four days to follow up what had been a disappointing debut on Wall Street.
Robinhood reserved a bigger-than-usual chunk of its IPO shares for smaller investors, which fits with its mission of “democratizing finance.” The company has introduced a new generation of younger and novice investors to the stock market, thanks to its zero-trading fees and easy-to-use app. But the move also gave fewer shares to big institutional investors, who have a reputation for being steadier holders of stock for the long term.Some were just in it for the money.
Outside of that, though, analysts were grasping for explanations for the surge in the stock. For some, it was reminiscent of the explosive moves higher for GameStop and other “meme stocks” earlier this year.
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