(Reuters) – Robinhood Markets Inc fell more than 10% in premarket trading on Thursday after a four-day surge during which its market value doubled as retail traders piled into the online brokerage’s stock.
After a tepid debut last week, the stock rose more than 50% on Wednesday, swinging as high as $85 at one point and closing at $70.39 to notch a market capitalization of $58.8 billion.
The stock was last down 13.7% at $60.7 in trading before the bell.
Robinhood said its stockholders could sell up to 97.9 million of shares and that the company will not receive any of the proceeds, according to a regulatory filing https://www.sec.gov/Archives/edgar/data/1783879/000162828021015656/robinhoodresales-1.htm.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)
