Robinhood’s stock heads for 7th straight loss, yet another record low
Shares of Robinhood Markets Inc.
slumped 2.8% toward a seventh-straight loss, and sixth-straight record low in afternoon trading Tuesday, amid a selloff in some key meme stocks. The commission-free trading platform’s stock has tumbled 23.1% during its current losing streak, which puts the stock 28.8% below its $38 IPO price. The stock is set to close below its IPO price for the 20th straight trading session, and the 23rd time in the 83 sessions since Robinhood went public on July 29. Amid the stock’s weakness on Tuesday, shares of GameStop Inc.
tumbled 13.1% in afternoon trading, after running up 12.9% on Monday and surging 19.5% amid a four-day win streak through Monday. Also, AMC Entertainment Holdings Inc.’s
stock shed 5.5%. Meanwhile, the S&P 500
was little changed and the Nasdaq Composite
was dropping 0.9%.