Robinhood Markets Inc. (NASDAQ:HOOD) has been a hot topic in the stock market lately, with its shares soaring after the company announced a new credit card. However, CNBC’s Jim Cramer has some reservations.
What Happened: Cramer expressed his concerns about the rapid surge in Robinhood’s stock price during CNBC’s “Lightning Round” segment.
“I think that that Greyhound bus has left the station, and I got to wait. I mean, the thing just doubled in no time whatsoever…We don't buy doubles here.”
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Why It Matters: Robinhood’s stock surge followed the company’s announcement of its new credit card, the Robinhood Gold Card, at its first-ever keynote event. The credit card offers 3% cash back on all categories with no annual fees and no foreign transaction fees.
Robinhood’s recent stock surge has been attributed to the company’s ...