Tech

Does Robinhood have its own GameStop moment?

Why is it important: On July 29, Robinhood Markets went public on the Nasdaq but didn’t make much of an impression. After opening at $ 38 a share, the stock closed about eight percent and made little progress in the following days. Things changed this week, however, as stocks began a meteoric rally, reminiscent of what we saw earlier this year with GameStop, BlackBerry and AMC.

The rally began on Tuesday when the stock rallied nearly 25%. The excitement has spread to date with the stock peaking at over $ 80, but the situation has cooled slightly since then as trading has halted several times due to volatility.

CNBC said he was not sure what exactly was the driving force behind this activity, but suggested that it might have something to do with the recent scrutiny from investor Katie Wood.

Ark Invest’s CEO reportedly acquired 89,622 shares of Robinhood on Tuesday through ARKF Exchange Traded Fund (ETF), which was worth about $ 4.2 million at yesterday’s closing price of $ 46.80. At current value (about $ 62 at the time of writing), the position is now roughly $ 5.6 million.

Robinhood also seems to be quite popular with retail traders, as evidenced by the number of comments via Swaggy stocks


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