Robinhood shares surge 82% in second day of volatile trading

04 August 2021 - 20:08The logo of Robinhood Markets is seen at a pop-up event on Wall Street after the company's IPO in New York, the US, July 29 2021. Picture: REUTERS/ANDREW KELLY

‘We’ve seen this movie before and this pump and dump of Robinhood will not end well for many traders,” said Ed Moya, senior market analyst at Oanda. “Robinhood’s revenue streams will come into question once the government applies rules to payment of order flow.” Trader chat rooms, such as those on StockTwits, and Twitter feeds were aflame with mentions of Robinhood’s surge. Users compared the surge to the huge rallies staged by so-called meme stocks such as GameStop and AMC Entertainment Holdings earlier in 2021.

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