Robinhood shares surge nearly 82% as retail investors dive in

The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kellysoared almost 82% on Wednesday before paring gains, helped by a surge of interest from retail traders who have piled into the stock after its underwhelming markets debut last week.

Robinhood was by far the most mentioned stock over the past 24 hours on WallStreetBets, the Reddit platform at the center of this year's "meme stock" rally, according to sentiment tracker SwaggyStocks. Retail trading volume rose tenfold on Tuesday, helping the stock gain 24%, according to Vanda Research.

Wednesday also marked the first day that investors could trade options on Robinhood shares, offering them another way of betting on the stock. Options trades by retail investors have contributed to outsize moves in the shares of companies like GameStop and AMC Entertainment Holdings in recent months.Nearly 100,000 contracts changed hands in the first hour of trading, with volume in puts outpacing calls 1.5-to-1, according to Trade Alert data.

Sentiment on Robinhood has also been helped by star stock picker Cathie Wood, who heads the ARK Invest asset management firm.bought another 89,622 shares of Robinhood on Tuesday, and the stock now amounts to about 0.9% of its portfolio, according to a summary of the fund's daily trading.has accumulated nearly 5 million Robinhood shares, worth about $229 million.

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