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.