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• Robinhood shares rose nearly 6% on Friday
• Robinhood reported a net loss of $423 million in the quarter
Robinhood Markets Inc (NYSE: HOOD) rose nearly 6% on Friday after its shares crashed as it posted quarterly loss on Thursday.
Shares of Robinhood, which launched its IPO in July, fell over 14% on Thursday.
Apple Inc (NYSE: AAPL) and Visa (NYSE: V) posted positive results which helped rising the U.S. stock indexes. Stock indexes have been volatile amid tensions between Russia and Ukraine.
Robinhood reported a net loss of $423 million in the quarter ended December compared to profit a year prior. The company also said that its costs more than doubled in the quarter.
The monthly active users of Robinhood declined 8% from the previous quarter as investors pulled back from the market.
On Friday, the company was trading at $12.26, compared to the share price of $38 at its IPO in July last year. Robinhood hit its record high of $85 in August.
Reuters reported that short-interest in Robinhood was $501 million, or 10.77% of float, with about $127 million worth of shares shorted over the last 30 days alone, according to Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners.
(With inputs from Reuters)
Picture Credits: Reuters