US Stocks

Robinhood shares tumble on Wall Street debut

Robinhood stock drops 5.6% within the first hour of trading.

The much anticipated Wall Street debut of popular trading app Robinhood failed to impress as shares fell immediately after its Nasdaq listing on Thursday.

The Robinhood share price (NASDAQ: HOOD) had lost 5.6% to $35.86 around 17:10 GMT, after entering the market. But it had recovered some ground after tumbling more than 10% earlier.

Robinhood shares opened at $38, a price that the company had agreed to sell at a day earlier. The company had set a price range between $38 and $42 a share.

At the opening price of $38, the trading app platform’s valuation would have been around $32bn.

Robinhood was founded in 2013 and surged in popularity amid a frenzy of retail traders trading in meme stocks and found itself at the centre of a meme stock craze that shook global markets.

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