Steven M. Quirk, Chief Brokerage Officer at Robinhood Markets , Inc. (NASDAQ:HOOD), recently sold a significant portion of the company's Class A common stock. According to a recent SEC filing, Quirk disposed of 19,861 shares on December 1, 2024, at a price of $37.54 per share, totaling approximately $745,581. The sale comes as Robinhood's stock trades near its 52-week high of $39.74, having delivered an impressive 314% return over the past year. InvestingPro analysis shows the stock is currently overvalued based on its Fair Value model.
The filing also revealed that Quirk acquired 44,832 shares of Class A common stock through the vesting and settlement of restricted stock units (RSUs). These RSUs were converted on a one-for-one basis into Class A shares upon vesting. However, a portion of these shares was withheld by Robinhood to satisfy tax obligations, which accounted for the shares sold.
Following these transactions, Quirk holds a total of 395,166 shares of Robinhood's Class A common stock, reflecting his ongoing stake in the company.
In other recent news, Robinhood Markets demonstrated strong financial growth in Q3 2024, with revenues increasing by 36% year-over-year to $637 million and adjusted EBITDA nearly doubling to $268 million. The company also made its largest acquisition to date, TradePMR, valued at $300 million, adding $40 billion in assets under administration and over 1,000 Registered Investment Advisors. In analyst news, Morgan Stanley (NYSE:MS) upgraded Robinhood to Overweight, while Needham shifted its rating from Hold to Buy, both anticipating expansion in the company's cryptocurrency offerings. Piper Sandler, Deutsche Bank (ETR:DBKGn), and Mizuho (NYSE:MFG) also adjusted their price targets for Robinhood, reflecting anticipated growth in the cryptocurrency market and the company's ongoing growth efforts. Additionally, Robinhood launched new trading products, including Index Options, Futures, and the desktop platform Robinhood Legend. These are recent developments in Robinhood's financial performance and market position.
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