Robinhood stock falls again, hits lower intraday low before paring losses
Shares of Robinhood Markets Inc.
HOOD,
fell 1.4% in morning trading Friday, as a night’s sleep failed to fully rejuvenate investors in the newly public no-fee trading app. The stock debuted on Thursday at $38.00, right where the initial public offering priced, but quickly fell below that IPO price, hitting an intraday low of $33.35 before closing its first day down 8.4% at $34.82. On Friday, the stock spiked up as much as 1.4% to an intraday high of $35.30 soon after the open, before selling off. It fell as much as 4.5% to a lower intraday low of $33.25, before paring losses. At current prices, Robinhood was being valued at about $28.8 billion. The stock’s weak performance comes on a day that Nasdaq Inc. shares
NDAQ,
tacked on 0.5%, the Renaissance IPO ETF
IPO,
rose 0.4% while the S&P 500
SPX,
slipped 0.3%.
