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Thursday, July 7, 2022

Robinhood sparks buzz on Reddit, shares up 15%

FILE PHOTO: The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company’s IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly

(Reuters) – Shares of Robinhood Markets Inc jumped more than 15% in premarket trading on Wednesday as interest from star fund manager Cathie Wood and small-time traders set up the stock for a fourth session of gains after its poorly received IPO last week.

The company added more than $7 billion in market capitalization in the past week, elevating its stock above the price set in last Thursday’s IPO.

Wood’s Ark Fintech Innovation ETF bought another 89,622 shares of Robinhood on Tuesday, and the stock now amounts to about 0.9% of its portfolio, according to a summary of its daily trading.

Robinhood shares also saw a surge in interest from small-time investors, with retail trading volume rising tenfold on Tuesday, according to Vanda Research.

It was the most mentioned stock on WallStreetBets, the Reddit platform at the center of this year’s “meme stock” rally, over the past 24 hours, according to sentiment tracker SwaggyStocks.

Reporting by Sruthi Shankar and Medha Singh in Bengaluru; Editing by Shounak Dasgupta

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