The stock has climbed well above its initial public offering price of $ 38 per share, on the path of a fourth straight day of gains and gives it a market capitalization of about $ 52.9 billion.
Interest in the stock among retail investors has skyrocketed despite its disappointing debut last week, in which it fell below its IPO price.
Robinhood has been by far the most mentioned security in the last 24 hours on WallStreetBets, the Reddit platform that has starred in this year’s rally in meme stocks, according to tracker SwaggyStocks.
Retail trading volume increased tenfold Tuesday, helping the stock gain 24%, according to Vanda Research.
“We know from meme stock trading that has taken place over the past few months that when there’s a lot of activity on social media, sometimes that makes a stock go up or down,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab.
Wednesday also marked the first day investors could trade options on Robinhood shares, offering them another way to bet on value.