Jer_Soul
2021-12-02
[Cool]
Robinhood sinks 8% to a record low on heavy volume as investing app’s IPO lockup expires
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Some 569.7M shares bought at IPO by insiders and key investors like Salesforce(NYSE:CRM)became eligible for sale for the first time Wednesday.</p>\n<p>HOOD has been falling for the past four sessions, apparently in anticipation of the lockup’s expiration. All told, the stock has lost some 19.6% since last Wednesday’s close at $27.78.</p>\n<p>Robinhood (HOOD) operates a popular investing app that has introduced many Millennials and other new investors to the stock market. The company staged what had been an eagerly anticipated initial public offering in July.</p>\n<p>However, the IPO priced at the bottom of its expected$38-$42/share range, and then HOOD tanked instead of rising in its first post-IPO session. 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Some 569.7M shares bought at IPO by insiders and key investors like Salesforce(NYSE:CRM)became eligible for sale for the first time Wednesday.\nHOOD has been falling for the past four sessions, apparently in anticipation of the lockup’s expiration. All told, the stock has lost some 19.6% since last Wednesday’s close at $27.78.\nRobinhood (HOOD) operates a popular investing app that has introduced many Millennials and other new investors to the stock market. The company staged what had been an eagerly anticipated initial public offering in July.\nHowever, the IPO priced at the bottom of its expected$38-$42/share range, and then HOOD tanked instead of rising in its first post-IPO session. 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