Why Robinhood Stock Rocketed Higher on Wednesday
Shares of Robinhood Markets (NASDAQ: HOOD) have been on a tear since its initial public offering (IPO) offering on July 29, and the recent interest of ARK CEO Cathie Wood has sent the stock surging this week.
It became known before the market opened on Wednesday that Cathie Wood bought more shares of the stock recently for the ARK Fintech Innovation ETF (NYSEMKT: ARKF). The stock was up 35% at 10:17 a.m. EDT on Wednesday, but was up much more than immediately after the market opened for trading, when it traded as high as $84.
The stock has nearly doubled since its IPO.
Source Fool.com
