With YTD gains of 25%, Robinhood stock (HOOD) has broken out this week to outpace the performance of the S&P 500 Index ($SPX) this year. However, HOOD's post-IPO performance has been dismal, to say the least, and it trades at just about a quarter of the 2021 IPO price of $38.
Robinhood stock hit its all-time high of $85 in August 2021, shortly after its public trading debut. The initial spike wasn’t difficult to explain; as investors will likely recall, that was the same time period when the meme stock mania was near its peak – and HOOD itself became a meme stock amid the buying spree, exemplified by Reddit traders.
