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Aug. 3, 2021, 12:31 p.m. EDT

Robinhood's stock soars toward first close above IPO price

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By Tomi Kilgore

Shares of Robinmood Markets Inc. /zigman2/quotes/228268942/composite HOOD +10.85% shot up 16.5% in midday trading Tuesday to $43.88, putting them on track to close above their initial public offering price for the first time. On the no-fee trading app's public debut last Thursday, the stock only briefly traded above the $38 IPO price before closing that first day 8.4% below that price. On Friday, the stock traded in an intraday range of $33.25 to $36.98 before closing up 1.0% at $35.15, then stayed in a range of $35.30 to $37.98 before closing up 7.2% at $37.68 on Monday. At current prices, Robinhood's market capitalization has climbed to $36.8 billion from $29.3 billion at last Thursday's close. The stock's rally comes on a day that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +1.16% inched up less than 0.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.95% gained 0.4%.

/zigman2/quotes/228268942/composite
US : U.S.: Nasdaq
$ 46.88
+4.59 +10.85%
Volume: 14.43M
Sept. 22, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$36.18 billion
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 69.08
+0.79 +1.16%
Volume: 128,103
Sept. 22, 2021 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,395.64
+41.45 +0.95%
Volume: 2.00B
Sept. 22, 2021 5:05p
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