Robinhood Tanking on IPO
Robinhood’s IPO started with one red candle, one green, and then 11 consecutive red candles on the one minute chart. The stock has fallen from the initial offering price of $38 to under $34 in just a few minutes of trading.
See the chart for the first 20 minutes or so of trading:
Many are taking the chance to celebrate Robinhood’s so-far unsuccessful stock market debut.
The stock has recovered a bit, climbing above $36 after bottoming near $33.50.
Meanwhile, Coinbase, a company that draws comparison to Robinhood often which IPO’d earlier this year, is slightly green at +0.61% on the day.
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