Nasdaq stops trading Robinhood 3 times amid double-digit surge

Nasdaq reported the same four letter code three times after stopping Robinhood trading this morning: LUDP.

code stands for “Volatility Trading Pause” and means that the stock, in this case HOOD, cannot be traded due to a sharp rise (or fall) in price.

In Robinhood’s case, the reason was due to two massive rallies just after the Nasdaq open today. At 9:30 am EST, HOOD jumped from $ 54.45 to $ 65.60 before the first stop began. After a ten minute hiatus, the stock took off again climbing to $ 78, once again stopping trading.

Over the past five days, HOOD has increased by more than 109.45%. It is currently trading at $ 62.98.

Today’s bull price action is in stark contrast to its market debut on July 29.

After just 15 minutes of trading, HOOD was already down 9%, a very bleak start to what has been a revolutionary year for the trading app.

Robinhood fence meme coins, stocks

Faced with the COVID-induced freeze and armed with stimulus controls galore, bored retail investors have turned to Robinhood for this and the past year. It quickly became the primary weapon for the Redditor hordes, as they bolstered the stock of memes at GameStop, AMC aters, and Bed Bath & Beyond Inc., among others.

Robinhood also offers a number of cryptocurrencies for similar speculative activities, including brands. Bitcoin, Ethereum, and Dogecoin.

Read Also OpenSea CEO: Exec’s NFT Operations Have Been “Misclassified” as Inside Information

gambling craze peaked in January after Robinhood stopped trading in many of these stocks and cryptocurrencies. A company spokesperson told CNBC that “due to extraordinary market conditions, we have temporarily disabled the instant purchasing power of cryptocurrencies.”

Now it appears that the Nasdaq has gone and done the same.

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