Robinhood Stock Soars in Wild Day of Trading
Some are referring to it as “the new meme stock.”
The newly-public no-fee trading app Robinhood saw its stock price soar by about 50 percent on Wednesday, closing at around $70 USD, according to The Wall Street Journal. The app made its debut on the NASDAQ last week at $38 USD a share.
According to CNN, the stock was the most popular on Reddit‘s r/WallStreetBets, where so-called meme stocks like GameStop and AMC are often discussed among amateur traders. CNN even described newfound interest in Robinhood shares as “the new meme stock.”
The company is also likely seeing heightened interest after popular investor Cathie Wood’s Ark Innovation ETF purchased a significant amount of Robinhood shares.
Trading of the stock was halted multiple times for volatility on Wednesday. According to CNBC, the stock has gained more than 100 percent this week.
In other news, the Citizen app launched a paid safety subscription service.
