March 29, 2024

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Retail most loved Robinhood rises 3% at stop of roller-coaster week

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The emblem of Robinhood Markets, Inc. is noticed at a pop-up function on Wall Avenue after the company’s IPO in New York Metropolis, U.S., July 29, 2021. REUTERS/Andrew Kelly/File Image

Aug 6 (Reuters) – Shares of Robinhood Markets Inc (HOOD.O) rose about 3% ahead of the bell on Friday soon after a roller-coaster 7 days that lifted its marketplace capitalization to $44 billion on curiosity from modest-time traders on social media-primarily based buying and selling community forums.

The inventory was trading at $52.29 by 8:16 a.m. ET and was the fifth-most actively traded inventory across all U.S. exchanges.

It was also by far the most mentioned corporation on Reddit’s well known dialogue team Wallstreetbets, according to sentiment aggregator Swaggystocks.

After a tepid market place debut previous Thursday, Robinhood’s shares have seen wild swings in their to start with total 7 days of buying and selling, evocative of the “meme inventory” rally that its buying and selling application aided fuel previously this year.

The firm’s shares surged as much as 82% on Wednesday, prior to tumbling 28% on Thursday as a filing showed more than a dozen buyers could provide their stock over time. read extra

For the week, the shares are however up about 45%.

Reporting by Niket Nishant and Medha Singh in Bengaluru Enhancing by Aditya Soni

Our Standards: The Thomson Reuters Believe in Concepts.

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