Robinhood closes at $34.82 in grim stock market debut

FILE PHOTO: Robinhood logo is seen on a smartphone in front of a displayed stock graph in this illustration taken, July 2, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Robinhood Markets Inc's shares closed more than 8% lower at $34.82 per share on their first day of trading, as many investors who used the popular trading app to participate in this year's "meme" stock trading frenzy snubbed its initial public offering (IPO)

Only 16 of the 99 U.S.-listed companies that were worth at least $10 billion when they went public declined on their first day, according to Dealogic, whose data goes back to 1995.