I have been observing hot IPOs price action for a while. If it is a hot stock, there are 2 ways it usually goes:
1. Straight up drop 50% from the IPO day, then finds good entries there. Example: COIN
2. Get super hyped and went to the roof. Made IPO high, then drop 50% and find good entries there. Example: CRWD, SNOW, ZI
I believe HOOD belongs to the second category. Current price is a low risk entry for those who are interested in owning it. Beware of the drama with the SEC about Payment for Order Flow and gamification of stock trading.