Why Robinhood Stock Was Rocketing Higher This Week
An investor who purchased Robinhood Markets (NASDAQ: HOOD) stock at the beginning of the week would have been notably richer toward the end of it.
Shares of the next-generation financial services company were popular following a settlement deal with a regulator, not to mention several glowing analyst notes on its business. According to data compiled by S&P Global Market Intelligence, Robinhood stock was up 15% week to date as of early Friday morning.
Of those pieces of news, it was surely the settlement that impacted sentiment on Robinhood the most. On Monday, media outlets reported that the company agreed to pay $45 million in the deal, under which it has settled Securities and Exchange Commission (SEC) allegations that it had committed a set of transgressions involving activities such as trade reporting, record keeping, and rules governing short selling.
Source Fool.com
