Robinhood Rockets 20% Higher. It Looks Like a Meme Stock.

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Courtesy of Robinhood


Robinhood Markets

has profited off the meme inventory movement. Now the firm is wanting additional like a meme stock alone. 

The inventory shot up 20% on Tuesday early morning, with no apparent significant news coming out from the organization. It has been the 2nd-most mentioned title on Reddit’s wallstreetbets discussion board over the previous 24 hours, according to apewisdom, a internet site that tracks that site. And it was the third most-traded stock by self-directed retail investors on Fidelity.

The gains have developed bit by bit the commission-free of charge broker started off the day up fewer than 1%, but climbed above the upcoming 3 hrs to trade as superior as $45, 18% higher than the company’s $38 rate of its first community featuring. 

ARK Investments bought Robinhood (ticker: HOOD) following the IPO and has ongoing getting, and the firm was praised on Monday night by CNBC’s Jim Cramer, who explained “the inventory would soar” if it made a deal like Square’s (SQ) deal to purchase Afterpay. The company also released its restated bylaws late on Monday.

Robinhood has mentioned that 301,000 of its clients experienced purchased into the IPO.

Produce to Avi Salzman at avi.salzman@barrons.com

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