Shares of Robinhood spiked as much as 82% early Wednesday — even though the controversial trading company, which debuted on Wall Street just last week, announced no new developments.Robinhood rallied so much that trading was halted multiple times for volatility. In recent trading, Robinhood was up a more modest 30%.The frenzy comes after Robinhood finished 24% higher on Tuesday, finally breaking above its initial public offering price of $38.
Reddit's focus on Robinhood is"quite astonishing," said Justin Zhen, Thinknum's co-founder and president, adding that"what is interesting is a lot of the sentiment is actually negative."Against this backdrop, retail trading volume climbed tenfold on Tuesday, Reuters reported, citing Vanda Research. A key endorsementRobinhood is also benefiting from an endorsement from a closely watched fund manager.
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