- The number of
Robinhood investors holding $4 stock spiked as the company's shares soared as much as 2,189% over two days this week. - Shares of the camera company $4 after it said it received a $765 million government loan to make drug ingredients.
- Before the loan was announced, about 9,300 Robinhood investors held
Kodak shares, $4. By Wednesday at noon, that number had surged above 72,000. - $4.
The number of Robinhood investors holding $4 stock grew nearly eightfold from Tuesday morning to Wednesday afternoon amid the company's extraordinary rally.
The stock $4 on Wednesday, bringing its two-day surge to 2,189% at its peak. Kodak shares began tearing higher on Tuesday afternoon after the company said it received a $765 million government loan to make drug ingredients during the coronavirus pandemic. The $4 drove an influx of investor cash to the stock.
Much of the new interest came from Robinhood investors. Retail trading has $4 in recent months as casual traders look to capitalize on virus-fueled volatility.
Kodak is the latest stock to benefit from the wave of new investors. Before the Tuesday announcement of Kodak's loan, roughly 9,300 Robinhood traders held the stock, $4. By noon on Wednesday, that number was above 72,000. Roughly half of the increase happened over just two hours on Wednesday.
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No other stock came close to garnering the same attention on Robinhood through morning trading. The next-most-bought stock over the past 24 hours, Heat Biologics, saw just 6% of the activity that Kodak enjoyed over the same period.
Similar buying sprees have taken place on Robinhood this year. After $4 announced its bankruptcy in late May, retail traders flooded the stock with cash in hopes that it would miraculously avoid insolvency. The car-rental company rallied more than 900% over nine days, and the share of Robinhood investors holding Hertz shares nearly tripled.
Kodak traded at $37.79 per share as of 1:15 p.m. ET, up 808% year-to-date.
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