Robinhood began buying and selling at $38, dropped about 10 %, recovered, however nonetheless closed down eight % at $34.90 on its first day of buying and selling. It’s the worst first day amongst 51 corporations that raised as a lot as Robinhood or extra, in keeping with Bloomberg. It’s additionally dangerous information for Robinhood’s experiment at providing retail buyers a piece of the IPO.

Robinhood’s shares priced on the backside of the focused worth vary of $38 to $42 a share, maybe due to issues about volatility or maybe as a result of Robinhood needed to make sure a pop for its retail buyers. And although Robinhood had stated it could allocate as much as 35 % of its shares to retail, solely 20 % truly went to retail, which “indicated much less curiosity than anticipated,” in keeping with…

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