In hindsight, it should have been obvious that Robinhood, maker of meme stocks, would have turned into a meme stock.
On the first day of trading, Robinhood fell 8.4%, the worst debut of 51 companies that raised as much cash as they did. Investor enthusiasm just wasn’t there on its opening day. According to data from Vanda Track
On the first day of listing, HOOD was only the 28th most traded stock on retail platform
Things stabilized the next day, with the stock gaining 1%. And then it was off to the races. A 7% gain on Monday. By Tuesday, it was in full meme mode, gaining 24%. Yesterday it went to plaid, tacking on another 50%. You can see the explosion in retail volume, in this chart from Vanda Track
Ben and I have had a lot of fun with this. He bought 100 shares on Robinhood at the IPO ($38) and promptly sold at the lows (I told him to). We got into this on Spaces yesterday, which we recorded for your listening pleasure. Hit the link below.