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Robinhood Markets has profited disconnected the meme banal movement. Now the institution is looking much similar a meme banal itself.
The banal changeable up 20% connected Tuesday morning, with nary evident large quality coming retired from the company. It has been the second-most discussed sanction connected Reddit’s wallstreetbets forum implicit the past 24 hours, according to apewisdom, a tract that tracks that site. And it was the 3rd most-traded banal by self-directed retail investors connected Fidelity.
The gains person built slowly; the commission-free broker started the time up little than 1%, but climbed implicit the adjacent 3 hours to commercialized arsenic precocious arsenic $45, 18% supra the company’s $38 terms of its archetypal nationalist offering.
ARK Investments bought Robinhood (ticker: HOOD) aft the IPO and has continued buying, and the institution was praised connected Monday nighttime by CNBC’s Jim Cramer, who said “the banal would soar” if it made a woody similar Square’s (SQ) deal to bargain Afterpay. The institution besides published its restated bylaws precocious connected Monday.
Robinhood has said that 301,000 of its customers had bought into the IPO.
Write to Avi Salzman astatine avi.salzman@barrons.com
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