You’ll soon be able to buy Robinhood stock right from the Robinhood app
This makes a lot of sense, right?
Robinhood, the popular easy-to-use trading app, is going public. The company plans to trade under the symbol HOOD on the Nasdaq, which means you’ll be able to buy its stock right from the Robinhood app itself.
The company recently filed its S-1 filing with the SEC, which basically tells us everything investors need to know about the company.
First, the filing shows that Robinhood has a ton of users and makes a decent profit. For example, the company reveals it has roughly 18 million accounts on its platform and that it generated a net income of $7.45 on net revenue of $959 million in 2020.
There’s no word yet on how much each share will cost or how many shares will be offered to potential investors. However, Robinhood claims in its filing that it will reserve between 20% and 35% of its IPO shares for its customers.
As a placeholder, Robinhood listed the size of its offering at $100 million, but that figure will change once it sets the terms of its offering.
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