A dizzying rush, the Reddites set fire to the missiles

The rockets fired

In our article last week, we raised the possibility of making a debut on the Nasdaq in late July Robinhood paper can easily become a meme – this actually seems obvious, as a large number of participants in the small investor madness conduct their stock trading on the interface of the online brokerage firm. Exactly we are talking about about 20 million customers in the case of Robinhood, they are thought to be an almost inexhaustible source of the buy side, and from here an already paved road can lead to meme stock status.

As mentioned above dizzying exchange rate movements can be seen these days at the Robinhood quote, after yesterday’s 24 percent rally, we were able to exercise the quotation above the $ 38 exchange rate set during the IPO,

and today, with an astonishing volume, the stock has so far soared 39 percent,

thus the market capitalization of the company at present more than $ 60 billion – all so that the company it has annual sales of just $ 1.3 billion and remains severely unprofitable.

Who moves the threads?

Statement by Thomas Hayes, CEO of Great Hill Capital, New York according to the stock owes its soar to Cathie Wood, among others. Hayes said:

The catalyst was certainly that Cathie Wood took a significant position after the disappointing success of the IPO.

There may be something in what the strategist says, as the Wood-managed Ark Fintech Innovation ETF bought another 89,622 Robinhood shares yesterday, and according to a summary of the fund’s daily trading the stock now accounts for about 0.9 percent of the portfolio. In addition, the fund’s flagship ARK Innovation ETF

it has already amassed nearly 5 million Robinhood shares, valued at about $ 229 million.

After all, it’s no surprise that interest in Robinhood shares from retail investors has skyrocketed, according to Vanda Research. retail trading volume increased tenfold on Tuesday. According to the SwaggyStocks stock market “mood meter” analysis tool on WallStreetBets, the Reddit platform at the heart of the meme stock rally it was the most mentioned stock in the last 24 hours.

Cover image: Spencer Platt / Getty Images

Source: Portfolio.hu – Befektetés by www.portfolio.hu.

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