Robinhood’s stock soars toward first close above IPO price

Shares of Robinmood Markets Inc.
HOOD,
24.50%

shot up 16.5% in midday trading Tuesday to $43.88, putting them on track to close above their initial public offering price for the first time. On the no-fee trading app’s public debut last Thursday, the stock only briefly traded above the $38 IPO price before closing that first day 8.4% below that price. On Friday, the stock traded in an intraday range of $33.25 to $36.98 before closing up 1.0% at $35.15, then stayed in a range of $35.30 to $37.98 before closing up 7.2% at $37.68 on Monday. At current prices, Robinhood’s market capitalization has climbed to $36.8 billion from $29.3 billion at last Thursday’s close. The stock’s rally comes on a day that the Renaissance IPO ETF
IPO,
-0.49%

inched up less than 0.1% and the S&P 500
SPX,
0.59%

gained 0.4%.