Robinhood's Market Debut Met With Mixed Trading

Analysts have yet to chime in on the app-based trading giant

Assistant Editor
Aug 2, 2021 at 9:30 AM
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The shares of Robinhood Markets Inc (NASDAQ:HOOD) are up 1.4% at $35.65 at last check, just days off its Nasdaq debut, which took place on Thursday, July 29. The equity entered stage with an initial public offering (IPO) price of $38, and more than 300,000 users of the trading app bought shares at IPO, or around 1.3% of the company's funded account base, according to The Wall Street Journal. 

The security quickly jumped just above the $40 level on its highly-anticipated first trading day, though it pulled back over the session to close at $34.82. Friday's trading saw HOOD attempt to reclaim its IPO price, but the security was ultimately rejected by the $37 level, closing at $35.15.
 

As it stands, the brokerage bunch has yet to chime in on Robinhood stock. It seems analysts are skeptical on the company's mission to upend Wall Street by giving more power to retail investors. However, it'll be hard for bulls and bear alike to continue to ignore an eight-year old company that ended its first session with a market value of around $29 billion.

 

 

 

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