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Robinhood Falls in Trading Debut
Shares of the popular zero-commission trading app opened down as much as 10% on Thursday before closing the day down 8.4%.
Shares of stock trading app Robinhood closed down more than 8% in its stock market debut on Thursday.
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- Shares priced on Wednesday evening at $38 a share, towards the low end of its trading range and valuing the company at $32 billion. The company sold 52.4 million shares and raised $1.89 billion.
- Trading was volatile at the start and shares initially fell as much as 10%. The stock recovered some of those losses before again drifting lower, finishing the day down 8.4% to $34.82. The company is trading on the Nasdaq under the ticker symbol HOOD.
- The company has significant crypto ambitions, with 17% of its overall revenue coming from crypto transactions in the first quarter of the year. Customers can currently buy and sell bitcoin, ether and dogecoin.
- Robinhood unconventionally offered a portion of its initial public offering to users via its app, a strategy some consider to be a risky gamble.
UPDATE (July 29, 20:21 UTC): Updated with final closing price.
Read more: Robinhood Under Investigation for Finra Registration Violation
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
