Shares of Robinhood hit as high as $85 per unit based on Refinitiv data, compared with an initial public offering price of $38, BBC reported Thursday.
The stock finally settled up 50.4% at $70.39 in the wake of speculation the company could be witnessing the same pumped-up trading that surrounded video game retailer Gamestop.
After its sluggish debut in the public markets, the Menlo Park, California-based company saw its stock steadily rose in the first trading days of this month.
Investors are keeping a close watch on Robinhood stock after its public debut last Thursday. The stock fell as much as 12% below its IPO price on its first day of session on the Nasdaq.
Cathie Wood's Ark Innovation ETF scooped up nearly 5 miillion shares of Robinhood last week, according to figures by Bloomberg. The company is listed on Nasdaq under the symbol HOOD.
Some of Robinhood's IPO shares were allotted for its retail customers, which is an uncommon step on Wall Street, where only institutional capitalists and high-rolling investors normally are granted access to buy into the offering.
Robinhood's commission-free trading has proven to be very popular with newbie traders during the pandemic lockdown, with the volume of account holders climbing twofold to more than 30 million since January this year.
Founded in 2013, Robinhood was an interesting case for an initial public bid, being that the company made money seven years later, raking in a new income of $7.45 million on almost $960 million revenue.
Robinhood's strategy to free trading, which favored younger users to dabble in day trading, caused the brokerage sector to let go of its previous technique of commissions for retail trading.
The company had 21.4 million active users per month based on the last count. That's a major lift from the 11.6 million it generated at the end of December.
Meanwhile, Robinhood was by far the most talked about stock over the past 24 hours on WallStreetBets, the Reddit thread at the core of the Gamestop upsurge, research company SwaggyStocks disclosed.
According to Wedbush analyst Dan Ives, this speaks to mounting retail interest in Robinhood at the moment and is an eye-popping move for the company that reminds capitalists of the "meme stock phenomenon."
