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Robinhood shares poised for opening losses

By Neil Dennis

10:27, 5 August 2021

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Robinhood mobile phone app
Robinhood mobile phone app – Photo: Shutterstock

Shares in Robinhood were poised for some sharp losses at the US market open on Thursday as investors in the online trading platform looked to take profits on the massive gains seen this week.

Robinhood stock was around 4% lower at $67.50 in pre-market trading as early-bird investors looked to jump ahead of the starting pistol on the day’s trading session.

Soaring three days

On Wednesday, the stock soared, climbing to a session high of $85 – more than double its $38 initial public offer (IPO) price – before closing the day up 50.4% at $70.39, and extending its market capitalisation to nearly $59bn.

In the the stock’s next push higher, one of the chief targets for investors will be pushing it towards a closing price of $76, double that of the $38 debut.

However, it looks like it will have to wait as the stock continues its turbulent week with a bout of profit-taking, pocketing some of the 100% gains since Friday’s closing price of $35.15.

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14,310.30 Price
+0.100% 1D Chg, %
Long position overnight fee -0.0086%
Short position overnight fee 0.0004%
Overnight fee time 22:00 (UTC)
Spread 2.0


19,401.50 Price
+0.310% 1D Chg, %
Long position overnight fee -0.0295%
Short position overnight fee -0.0149%
Overnight fee time 22:00 (UTC)
Spread 6.0


11,564.70 Price
+0.080% 1D Chg, %
Long position overnight fee -0.0172%
Short position overnight fee 0.0062%
Overnight fee time 22:00 (UTC)
Spread 1.8


33,638.00 Price
+0.130% 1D Chg, %
Long position overnight fee -0.0169%
Short position overnight fee 0.0061%
Overnight fee time 22:00 (UTC)
Spread 2

Meme stock

Many investors note the irony that, prior to Robinhood's listing, it was one of the favoured companies for activist retail investors to support meme stocks such as GameStop, and was now itself jumping 50% in one day, like a meme stock.

Indeed, mentions of Robinhood's HOOD ticker on social media sites such as Reddit, where retail investors martialled their efforts against short-selling hedge funds targeting GameStop, surged on Wednesday as the FT reported, citing sentiment tracker Breakout Point.

All eyes on the stock again on Thursday, then, as Robinhood remains one of the most talked-about share issues of the year.

Trade Robinhood Markets, Inc. – HOOD CFD


Read more: Robinhood IPO: Is the listing worth the hype?

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