Robinhood Markets (HOOD.O) finally on Tuesday got the share bounce that was predicted for last week's much-hyped Nasdaq launch, jumping as much as 29% as investors followed influential fund manager Cathie Wood into the stock.
The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kellyfinally on Tuesday got the share bounce that was predicted for last week's much-hyped Nasdaq launch, jumping as much as 29% as investors followed influential fund manager Cathie Wood into the stock.
Filings, however, have since shown that company executives sold shares a day before the launch, with Chief Executive Vlad Tenev, cashing in 1.25 million shares for about $45.5 million, offering a possible explanation for the initial slide in value. The ETF currently holds nearly five million Robinhood shares, which amounts to about 0.8% of its portfolio, according to the latest data on the fund's website.
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