Robinhood Shares Surge 50 Perccent, as Investors Scoop up ‘The Meme of Memes’
By Reuters
Shares of Robinhood Markets Inc rose more than 50 percent on Wednesday during a wild trading session as investors scooped up shares after its underwhelming stock market debut last week.
The online brokerage’s shares closed at $70.39, off the session high of $85 when the stock was up nearly 82 percent, with one analyst dubbing it “the meme of memes” in a reference to stocks popularized this year by retail investors congregating in online platforms such as Reddit’s WallStreetBets.
The stock has risen far above its initial public offering price of $38 per share and has logged its fourth straight day of gains.
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