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Robinhood stock craters 28% yesterday, investors file to sell 97.9 million shares one day. The stock trading app $Robinhood (HOOD.US)$ went public last Thursday on the Nasdaq under the ticker HOOD. The IPO was priced at $38$ per share and started rising in recent days.
Earlier Tuesday, ARK Innovation ETF $ARK ETFs (BK2551)$ disclosed that it held around 4.9 million shares of Robinhood stock. The stock price soon responded and surged over 50%. However this event-driven stock paring back a stunning two-day gain of 87% this week after some shareholders file to sell.
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