Shares of Robinhood Markets Inc rose more than 50 percent on Wednesday during a wild trading session as investors scooped up shares after its underwhelming stock market debut last week. The online brokerage’s shares closed at $70.39, off the session high of $85 when the stock was up nearly 82 percent, with one analyst dubbing it “the meme of memes” in a reference to stocks popularized this year by retail investors congregating in online platforms such as Reddit’s WallStreetBets. The stock has risen far above its initial public offering price of $38 per share and has logged its fourth straight day of gains. Its market capitalization rose to $58.8 billion, catapulting it ahead of Twitter Inc, restaurant chain Chipotle Mexican Grill and asset manager T. Rowe Price. Interest in the stock among retail investors soared on social media despite its weak market debut last week, when it fell below its …
Robinhood Shares Surge 50 Perccent, as Investors Scoop up ‘The Meme of Memes’
August 4, 2021
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