After Robinhood Shares Collapsed 87% from Peak and 70% from IPO, Goldman Sachs, IPO Lead Underwriter, Cuts Stock to “Sell” | Wolf Street

But on the first day of trading, July 29, 2021, shares closed below the IPO price. Over the next few days, the stock meandered higher, and on August 4, it spiked for a moment in an incredible meme-stock paroxysm to $80 a share, and that was it.

Robinhood tried to boost growth by announcing in March that it would extend its trading hours and eventually would introduce 24-hour trading. But trading isn’t fun unless the stuff being traded goes up. And many of the stocks being traded by enthusiastic meme traders and working-from-homers between Zoom meetings and actual work has formed the now vast body of imploded stocks, including Zoom itself, which has collapsed by 75%, and Robinhood which has collapsed by 87%.

Why sure. It’s not fun trading cryptos either when cryptos are getting beaten up. Bitcoin at the moment is down 26% year-over-year and down 36% from the November high. Crypto trading is only fun when this stuff goes up

After Robinhood Shares Collapsed 87% from Peak and 70% from IPO, Goldman Sachs, IPO Lead Underwriter, Cuts Stock to “Sell” | Wolf Street