Robinhood shares soared by 80%. Nasdaq stops trading three times

August 7, 2021


Robinhood shares soared by 80%. Nasdaq stops trading three times

Shares in Robinhood Markets, the securities and cryptocurrency trading app of the same name, have hit $85. At the time of writing, HOOD shares are trading at $63.

The US exchange Nasdaq halted trading in Robinhood securities three times on 4 August due to high volatility. At the time of writing, sales of the stock have resumed.

Retail investors bought $19.4 million worth of Robinhood shares, making the company the sixth most bought and its securities the eleventh most popular in investment apps, Bloomberg writes, citing Vanda Securities.

~WSB Increases In Comments~$HOOD : 1431% ~ 72% bulls$SEDG : 1300% ~ 100% bullshttps://t.co/KiCE4DnjVW
- Swaggy (@SwaggyStocks) August 3, 2021

Update: Robinhood's rally may have boosted the gamma-squeeze. According to Zerohedge, the options market saw increased buying activity in call options expiring in August with strikes at $70 and $95.

Robinhood's rally may have boosted the gamma-squeeze

The high buyer activity on the spot market subsequently forced sellers of call options to actively hedge their positions. They were forced to join the group of those who opened long positions. A mechanism similar to a short-squeeze triggered. The situation with GameStop stock followed a similar algorithm. Robinhood traders, who make up the WallstreetBets subreddit audience, were also able to participate.

Prior to the US session, SPX Exchange reported that trading in HOOD securities was suspended from 14:19 MSK due to high volatility. The trading platform noted a 20% price change within 10 minutes. Trading resumed at 2:49 pm.

Robinhood conducted an initial public offering on 29 July. The day before, the company set a starting trading price for the securities under the ticker HOOD of $38 and a market valuation of about $32 billion.

On the first day, trading closed at $34.82. Capitalisation fell to $29bn.


Robinhood's exchange debut turned out to be one of the worst in the US.


On Tuesday, August 3, the trading session in HOOD shares closed at $46.7, 24% above the opening price. On Wednesday, August 4, pre-market quotes topped $53.

Recall that ARK Investment Management's Katie Wood bought 1,297,615 shares of Robinhood through its ARKK fund on the day the trading platform debuted on Nasdaq.

Robinhood shares soared by 80%. Nasdaq stops trading three times

Electrum Wallet can probably reach $1,000. However, when exactly this will be is unclear as price predictions do not all agree. Many estimate that it may happen before 2025. Some analysts think that Electrum Wallet will reach $1,000 far sooner than five years.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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