They closed Thursday's session at $34.82 — more than 8% lower than the reference price of $38.
Shares in Robinhood had a rather nasty debut on the stock market.
They initially listed on the Nasdaq at a price of $38 apiece, but dropped by 9% in the space of 15 minutes.
HOOD ended up closing the session at $34.82 — down 8.37%.
Although Robinhood’s trading app is popular among millennials, the rather disappointing performance suggests that there was little demand for the stock among investors.
Even the $38 price tag was at the lower end of the $38 to $42 range that had been set before 55 million shares were sold, raising $2.1 billion.
Not All Doom and Gloom
Overall, Robinhood was one of the most actively traded stocks during Thursday’s session — and proved more popular than the likes of Apple and Tesla in terms of volumes.
Some analysts have argued that the tepid debut wasn’t much of a surprise, pointing to how Facebook also suffered a disappointing performance when the social network performed its IPO back in 2012.
It’s possible that Robinhood may still be suffering a blowback from the GameStop saga earlier this year, where the company controversially imposed restrictions on meme stocks that were subject to a short squeeze.