Robinhood’s IPO last Thursday was lacklustre, but today’s performance has seen shares hit $44
After Robinhood’s $HOOD stock debuted at $38 on the NASDAQ last week, prices slumped to below $34 and failed to reclaim the initial figure until today. Now trading just south of $44, Robinhood is up by 16% on the day, and $HOOD touched $45 earlier in today’s session.
If you want to purchase the trending stock, read on to find out the best place to buy Robinhood shares today.
Should I invest in Robinhood stock?
Robinhood has now gathered significant upward momentum as we approach midweek, and the rest of today’s trading session could bring about further gains for $HOOD. Share prices are now 13% above the initial IPO price, indicating that investors were perhaps wary of the hype surrounding the IPO, but are now buying the stock en masse.
The initial price of the stock was considered to be low by several analysts, so to many, this rally will be no surprise. In the long run, Robinhood is expanding its cryptocurrency offerings as well as equity and options trading, so there is room for the firm to gain more users and increase revenues. This lends weight to a “buy and hold” strategy for $HOOD.
Furthermore, plans to expand outside of America have been hinted at before, but remain under wraps. This underscores the huge potential $HOOD has for further growth beyond the period surrounding the IPO.