By Dhirendra Tripathi
Investing.com – Robinhood (NASDAQ:HOOD) stock, which debuted on the Nasdaq last Thursday, soared 19% Tuesday to go well past its IPO price of $38.
At 11:25 AM ET, it traded at $44.80 after it had hit $45 in the session.
The trading app had offered the shares to the public at a price range of $38 to $42. The company had a market cap of $36 billion on Tuesday.
The stock opened at its issue price on Thursday but closed the session 8% lower. It mostly traded below that price until today.
The online brokerage sold as much as 25% of its IPO shares to 301,573 of its retail customers, representing about 1.3% of the platform’s 22.5 million funded accounts.
Robinhood also got some love from Cathie Wood’s ARK Invest. The fund company purchased 1.3 million shares of the company on the debut day and topped that up with 1.85 million shares the following day.