MENLO PARK, CA—Jeffrey Pinner, Chief Technology Officer of Robinhood Markets , Inc. (NASDAQ:HOOD), recently sold 5,876 shares of the company's Class A common stock. The sale comes as Robinhood, now valued at $33.2 billion, has seen its stock surge nearly 190% over the past year. According to InvestingPro analysis, the company's shares are currently trading above their Fair Value. The transactions, carried out on December 20, 2024, fetched a total of approximately $222,823. The shares were sold at prices ranging from $34.64 to $38.41, with a weighted-average price of $37.921.
This sale was conducted under a Rule 10b5-1 trading plan, which Pinner had adopted on November 11, 2024. Following the transaction, Pinner retains direct ownership of 11,752 shares of Robinhood Markets.
In other recent news, Microstrategy (NASDAQ:MSTR) and other companies with significant cryptocurrency exposure experienced a downturn, influenced by Bitcoin's significant pullback and the Federal Reserve's signals of interest rate caution. This shift in investor sentiment led to a record $680 million outflow from US exchange-traded funds investing directly in Bitcoin. The broader implications for companies like Microstrategy are still being assessed.
In the face of these developments, Robinhood Markets has been receiving positive attention from various analyst firms. Goldman Sachs has reaffirmed its Buy rating for the company, expecting Robinhood's fourth-quarter trading revenue to exceed consensus estimates by 51%. Barclays (LON:BARC) and Goldman Sachs have upgraded Robinhood to Overweight and Buy respectively, citing a positive outlook on cryptocurrency and expansion. However, Keefe, Bruyette & Woods maintained a 'Market Perform' rating, reflecting Robinhood's strategic goals and robust financial performance.
Robinhood also reported a 36% year-over-year increase in Q3 2024 revenues to $637 million and acquired TradePMR for $300 million. The company has expanded its cryptocurrency offerings to 20 tokens and launched new trading products. Additionally, Robinhood's chief legal and compliance officer, Dan Gallagher, is being considered for the chair of the Securities and Exchange Commission. These are recent developments.
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