‘Meme du jour’ Robinhood stock soars over 20%, passes IPO price

Published by
Reuters

(Reuters) -Robinhood Markets Inc’s shares surged over 20% on Tuesday, adding more than $7 billion to the value of the online brokerage and elevating its stock above the price set in last week’s poorly received IPO. The shares were at $46.80 in late afternoon trading, marking a third day of gains and taking them well above the price of $38 set in last Wednesday’s IPO. Relatively small trade sizes suggest Robinhood has become the latest of several stocks driven higher this year in retail investor frenzies, said Sahak Manuelian, managing director of trading at Wedbush Securities in Los Angeles. “…

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