Robinhood's stock soars toward first close above IPO price

Shares of Robinmood Markets Inc. shot up 16.5% in midday trading Tuesday to $43.88, putting them on track to close above their initial public offering price for the first time. On the no-fee trading app's public debut last Thursday, the stock only briefly traded above the $38 IPO price before closing that first day 8.4% below that price. On Friday, the stock traded in an intraday range of $33.25 to $36.98 before closing up 1.0% at $35.15, then stayed in a range of $35.30 to $37.98 before closing up 7.2% at $37.68 on Monday. At current prices, Robinhood's market capitalization has climbed to $36.8 billion from $29.3 billion at last Thursday's close. The stock's rally comes on a day that the Renaissance IPO ETF inched up less than 0.1% and the S&P 500 gained 0.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Robinhood's stock soars toward first close above IPO price
Shares of Robinmood Markets Inc. shot up 16.5% in midday trading Tuesday to $43.88, putting them on track to close above their initial public offering price for the first time. On the no-fee trading app's public debut last Thursday, the stock only briefly traded above the $38 IPO price before closing that first day 8.4% below that price. On Friday, the stock traded in an intraday range of $33.25 to $36.98 before closing up 1.0% at $35.15, then stayed in a range of $35.30 to $37.98 before closing up 7.2% at $37.68 on Monday. At current prices, Robinhood's market capitalization has climbed to $36.8 billion from $29.3 billion at last Thursday's close. The stock's rally comes on a day that the Renaissance IPO ETF inched up less than 0.1% and the S&P 500 gained 0.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.