Formed in 2013, Robinhood Markets (HOOD) became a publicly traded company in late July with much fanfare. The company is widely considered the leader in pioneering commission-free trading for stocks and exchanged-traded funds through its popular mobile trading platform.
Shares made their debut on July 29th at $38 a share but were priced at the low end of its initial public offering range. After sinking as much as 10% and ending the session just south of $35, Robinhood’s market capitalization was valued at $29 billion.
The company has enjoyed rapid growth and has quickly risen to the third-largest brokerage firm based on number of funded accounts. Fidelity and Charles Schwab, which acquired TD Ameritrade in 2020, are ranked one and two.
This article originally appeared at Investors Alley.