Robinhood meme share jumps 10% at end of eventful week By Reuters


© Reuters. FILE PHOTO: The Robinhood Markets, Inc. logo is seen during a pop-up event on Wall Street following the company’s IPO in New York, United States, July 29, 2021. REUTERS / Andrew Kelly / File Photo

By Noel Randewich and Niket Nishant

(Reuters) -Share Robinhood Markets Inc (NASDAQ 🙂 rose 10% on Friday after a week of roller coasters that made online brokerage one of the hottest so-called “meme” stocks and added $ 18 billion to its value.

Robinhood, whose smartphone trading app took off this year with a trading frenzy by retail investors on Reddit, was last at $ 56.20, up nearly 50% from its initial public offering price. last week.

The company plans to report its quarterly results on August 18, Robinhood said in a press release on Friday.

Robinhood also said he did not expect to be able to “obtain a declaration of effectiveness” from the Securities and Exchange Commission, which would pave the way for some shareholders to sell their stakes, until that it publish its quarterly results.

The stock stumbled on its first day on Wall Street before taking off this week and climbing all the way to $ 85 on Wednesday, pointing to rallies at GameStop (NYSE 🙂 and AMC Entertainment (NYSE 🙂 that Robinhood trading has had. helped fuel earlier this year.

With its market capitalization of over $ 47 billion, Robinhood is more valuable than companies including Spotify (NYSE 🙂 Technology and Walgreens Boots Alliance (NASDAQ :).

Retail investors made $ 8 million net purchases of Robinhood shares on Thursday, according to Vanda (NASDAQ 🙂 Research, even as the stock fell 28% after a filing showed that more than a dozen early stage investors could sell their stocks over time.

Robinhood was by far the most talked about action on Reddit’s Wallstreetbets trading forum on Friday, with most of the comments reflecting positive sentiment, according to Swaggystocks.com, which tracks comments on Reddit.

Robinhood has traded more than any other stock on Fidelity’s online brokerage, with buy orders exceeding sell orders by around 1.2 to 1, data on Fidelity’s website showed on Friday.

Star investor Cathie Wood’s ETF Ark Innovation now owns shares of Robinhood worth around $ 275 million after her stake rose to around 24,000 shares on Thursday, data showed on the site Web of the fund.

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