CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 87.41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Scan to Download iOS&Android APP

Robinhood shares poised for opening losses

By Neil Dennis

10:27, 5 August 2021

Share this article

Subscribe to Weekly Highlights

The major market events for the week ahead right in your inbox. Subscribe
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.

What is your sentiment on HOOD?

9.48
Bullish
or
Bearish
Vote to see Traders sentiment!

DE40

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

HK50

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

US100

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

US30

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

1m
5m
15m
30m
1H
4H
1D
1W

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

Rate this article

Share this article

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Latest Stocks news

Still looking for a broker you can trust?

Join the 475.000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading