Robinhood released some deets on its new IPO Access feature (and how the feature helped $HOOD’s own IPO). IPO Access offers Robinhood users access to select IPOs at their offering price. 📈
According to Markets Insider, Robinhood sold $HOOD shares to 301,573 users ahead of its sucky market debut last week. That figure represents just 1.3% of its users.
That number might feel small, but it’s IPO Access’ biggest success thus far. F45 Training, another recent IPO Access company, got 78,250 customers to sign up for stock. Duolingo only got 12,602 orders.
One thing is for certain: investors had mixed feelings about Robinhood and its controversial IPO, which could explain why most users didn’t participate in the debut. 🤷
However, Robinhood’s luck could change real fast as retail and institutional investors buy this dip. Cathie Wood is among the buyers—Wood bought $45M of Robinhood stock for her flagship $ARKK fund.
$HOOD increased 7.2% today.