Robinhood is among the most heavily traded stocks during today's session. Shares of the trading platform surged 65% to around $77.00 per share as it seems that the company is making up for its lackluster debut on the Nasdaq last week. The stock was halted for volatility several times. The upward move started yesterday after the high-profile investor Cathie Wood's ARK Innovation ETF revealed a purchase of 89,622 shares, bringing its total holding to 682,031. Earlier ARK Innovation ETF confirmed that it held around 4.9 million shares of Robinhood stock, representing a weighting of 0.82% in the fund. This is a significant increase compared to last week’s 3.6 million shares, when it represented a 0.55% weighting. Also bullish momentum is supported by retail investors. According to the WallStreetBets tracker Swaggy Stocks, there were over 700 mentions of Robinhood stock in the Reddit chat.
Robinhood (HOOD.US) stock broke above its $38 per share IPO price for the first time since going public last Thursday. Today's upward move is gaining even more traction partially thanks to retail traders. Source: xStation5
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