Robinhood Markets Inc. jumped a whopping 40% on Wednesday after a wave of private investors joined the likes of Cathie Wood to pile on the zero-fee trading platform.
The stock jumped to a record $77.03 in New York on August 25, triggering gains for a fourth straight session and extending at least two trading stops. The frenzied share buying pushed the company's value to $65 billion from $29.1 billion at its debut on Nasdaq last week.
The participation of retail investors took off in the past couple of sessions after a lukewarm reception. A net $19.4 million worth of Robinhood shares were acquired on Tuesday to make it the ninth-most viewed stock and sixth-most traded security on retail platforms, according to data compiled by Vanda Securities Pte.
The data show total retail volume for 2 - fold rise from the previous day. The 28 million hands exchanged hands on Thursday morning.
The trading boost coming alongside Ark Investment Management's move to grow stake in the company. Ark Fintech Innovation ETF bought 89,622 Robinhood shares in the previous session as they surged 24% to close $46.80 apiece.