Robinhood (NASDAQ:HOOD) saw “record-breaking” traffic Friday after SpaceX (NASDAQ:SPCX) shares began trading on Nasdaq.
In an X post, the financial technology company said “some customers experienced latency and intermittent issues” before the platform quickly recovered.
Shares Surge, Valuation Crosses $2 Trillion
Shares closed up 19.22% on its first trading day, finishing at $160.95, pushing its market cap past $2 trillion and making Elon Musk the world’s first trillionaire, per Nasdaq data.
SpaceX only made about 4% of its shares available for trading in the initial public offering, putting it in a position for wild swings in its stock price as it begins life as a public company.
Robinhood wasn’t the sole beneficiary of the SpaceX debut hype. The SpaceX euphoria lifted related equities too. Powerlaw Corp. (NASDAQ:PWRL), a closed-end fund holding SpaceX as its largest position at roughly 19% of net assets, surged Friday pre-market.
Trading Metrics, Technical Analysis
Robinhood has a market capitalization of $83.92 billion, with a 52-week high of $153.86 and a 52-week low of $63.52.
Over the past 12 months, the large-cap stock has gained 28.36%, but it is down 19.11% year to date.
HOOD is currently positioned close to its annual low.
Price Action: The stock closed the regular session on Friday at $93.19, up 1.04%, according to Benzinga Pro.
Benzinga’s Edge Stock Rankings indicate that HOOD is experiencing long-term consolidation along with medium and short-term upward movement.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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