Looking for Buying the First Pull Back Explained? Click Here.
Robinhood ($HOOD), the commission-free trading app known for helping millions of amateur investors gain access to financial markets, has had a very exciting week. When the company made its debut on Wall Street's Nasdaq on July 29, 2021, it ended its first trading day down 8% from its initial public offering price. Then, on August 3, shares skyrocketed 24% and a staggering 50% the next day. See our chart from August 4:
As of August 4, 2021, Robinhood secured $50.5 million in net worth. The California-based company has also been listed as a "top-trade stock" of Fidelity -- which is generally a good proxy for individual investor interest.
Robinhood shares rose 10% on August 6, followed up by a surprise share sale announcement.
After August 5th's news that existing shareholders will sell up to 97.9 million shares over time, Robinhood reiterated that it is not selling any more stock right now. On Friday morning, the stock trading app clarified that sales would not start until SEC approval for the transactions, which should not occur until Robinhood's second-quarter earnings report on August 18th.
Sources: CNBC, CNN Business