Robinhood shares surge 82% as retail traders follow Cathie Wood

Shares of zero-fee trading platform Robinhood Markets are soaring as retail investors follow the lead of rockstar fund manager Cathie Wood who increased her stake in the firm.

Robinhood Markets Inc. jumped a whopping 82% on Wednesday after a wave of individual investors joined the likes of Cathie Wood to pile on the zero-fee trading platform. The stock traded at a record $85 at 9:46 a.m. in New York, extending gains for a fourth-straight session and triggering at least two trading halts. The frenzied share buying pushed the company’s market value to $65 billion from $29.1 billion at its debut on Nasdaq last week. Retail investors’ participation took off in the past couple of sessions after a lukewarm reception. They bought a net $19.4 million worth of Robinhood shares on Tuesday to make it the sixth-most-purchased stock and 11th-most-traded security on retail platforms, according to data compiled by Vanda Securities Pte.