Why Robinhood Stock Popped Again Today
Shares of Robinhood Markets (NASDAQ: HOOD) were climbing for the second trading day in a row, trending higher with broad gains in the Nasdaq. Investors seemed to be responding to news that Cathie Wood's ARK Invest exchange-traded funds (ETFs) bought nearly 2.5 million shares of Robinhood on Friday, following an initial dive after it reported fourth-quarter earnings on Thursday night. Additionally, Citibank lowered its price target on the disruptive financial brokerage but maintained a buy rating on the stock, signaling confidence in Robinhood in spite of a weak quarterly report.
As of 12:08 p.m. ET today, the stock was up 11.2%, following a gain of 9.6% on Friday.
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Source Fool.com
