Robinhood sparked heated debate on Reddit, shares rose 15% Reuters

(Reuters)-Stocks Robinhood market Due to the interest of star fund manager Casey Wood and small traders, the stock rose on the fourth trading day after the IPO performance last week. Inc (NASDAQ:) rose 15% in premarket trading on Wednesday above.

Robinhood’s stock price surged 24% on Tuesday, making it higher than the $38 price set during its initial public offering last Thursday, and bringing the company’s market value to approximately $39 billion.

Its stock price finally rose 14.9% on Wednesday to $53.5, making it the second-highest stock in the US before the market opened.

“People are trying to support Cathy Wood’s vote of confidence in Robinhood stock,” said Thomas Hayes, managing member of Great Hill Capital in New York.

“After everyone felt pessimistic after the IPO, the catalyst was of course Cathy Wood placing a considerable position in a considerable position.”

According to the fund’s daily trading summary, the Wood’s Ark Financial Technology Innovation ETF purchased 89,622 shares of Robinhood on Tuesday, and the stock currently accounts for approximately 0.9% of its portfolio.

In total, Wood’s flagship ARK Innovation ETF has accumulated nearly 5 million Robinhood shares, valued at approximately $229 million.

According to data from Vanda (NASDAQ:) Research, Robinhood stock has also received a surge of interest from small investors, with retail trading volume increasing tenfold on Tuesday.

According to data from the sentiment tracker SwaggyStocks, in the past 24 hours, it is the most mentioned stock on WallStreetBets, which is the Reddit platform at the center of this year’s “memetic stocks” rebound.