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Robinhood shares slide 8% in IPO

The company sold shares at $38, the bottom of its range.

Hand holding phone with Robinhood app

Robinhood shares fell on its first day of trading.

Photoillustration: Jakub Porzycki/NurPhoto via Getty Images

Shares of Robinhood fell Thursday as the online brokerage experienced a rocky debut as a publicly traded company. For investors who bought into the company's share sale at $38, it was a disappointing finish to one of the year's most anticipated IPOs.

Robinhood's stock slid 8.4% to close at $34.82. It opened at the IPO price of $38, which was at the low end of its range. Shares edged higher briefly at the start of trading, but tumbled by more than 10% soon afterwards.

David Keller, chief marketing strategist of StockCharts.com, called Robinhood's IPO "an underwhelming first day for trading."

"The more measured reaction thus far today reflects a general hesitancy by investors to embrace Robinhood as a stock," he told Protocol.

Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers crypto and fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Google Voice at (925) 307-9342.

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