Saturday, September 25, 2021
No menu items!

Robinhood ‘has to continue to show very strong growth,’ says analyst as stock slides in Nasdaq debut

Shares of Robinhood Markets fell more than 10% after opening flat in their Nasdaq debut on Thursday (July 29), valuing the online brokerage at about $28 billion, a dismal reception to one of the most hotly anticipated listings of the year.

Shares fell to $34 in early trading, far lower than the offer price of $38, which was at the lower of end of its initial price offering (IPO) range.

The company, arguably the breakout financial technology startup of its generation, priced its IPO on Wednesday (July 28) and raised $2.1 billion.

Its long-awaited debut comes months after it was caught in a confrontation between a new generation of retail investors and Wall Street hedge funds.

Its decision earlier this year to restrict trading in a few popular stocks following a tenfold rise in deposit requirements at its clearinghouse had enraged the U.S. lawmakers as well as users of its app, a go-to destination for retail investors.

(Production: Aleksandra Michalska)

Latest News

Modi invites vaccine manufacturers to set up shop in India in UNGA speech

In his speech to the United Nations General Assembly on Saturday (September 25), India's prime minister, Narendra...

Pakistan’s Khan calls for immediate action to help Afghanistan

Pakistani Prime Minister Imran Khan urged the international community to help the people of Afghanistan in a pre-recorded message to the United...

Elon Musk says he and musician girlfriend Grimes are ‘semi-separated’

Elon Musk and his girlfriend, Canadian singer Grimes, are "semi-separated" after three years together, the billionaire chief executive of Tesla and SpaceX...

U.S. border camp closed, Haitians there face mixed fates

An impromptu border camp that roiled U.S. politics was emptied of thousands of Haitian migrants by Friday (September 24), with most remaining...

‘We cannot make compromises on the protection of women’s rights’ – Malala

Nobel Peace Prize winner Malala Yousafzai, who was shot by a Taliban gunman in Pakistan as she left school in 2012, said...

More Articles Like This