Shares of Robinhood soared as much as 29% on Tuesday to a post-IPO record high of $48.59 as long-term investors like Cathie Wood's Ark Invest begin to build a position in the fintech platform.
Robinhood experienced a choppy debut last week, with shares falling as much as 12% from its IPO price of $38 per share. The IPO was unique in that Robinhood allocated shares to its user base, allowing retail investors to get in on the ground level. That access is typically reserved for institutional investors and their clients.
While only 1% of Robinhood's user base participated directly in its IPO, other investors appear more bullish on the long-term prospects of the online trading app.
Ark Invest has built a near-$250 million stake in Robinhood since it went public last week. Across Ark Invest's Disruptive Innovation, Next Generation Internet, and Fintech Innovation ETFs, the firm owns more than 6 million shares of Robinhood.
Robinhood soars 29% to post-IPO high as investors like Cathie Wood's ARK Invest build positions
- by: Matthew Fox
- 08-03-2021
- Source:
Business Insider
- 08/04/2021
Robinhood financial investing app on a mobile device by Marco Verch Professional Photographer is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)
Robinhood financial investing app on a mobile device by Marco Verch Professional Photographer is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)
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