Meyer Malka, a director at Robinhood Markets , Inc. (NASDAQ:HOOD), recently sold shares amounting to approximately $130 million. The transactions, conducted over two days, involved the sale of 3,219,314 shares of Class A Common Stock. The sale comes as Robinhood's stock has surged over 227% year-to-date, with the company now commanding a market capitalization of $36.85 billion. According to InvestingPro analysis, the stock is currently trading above its Fair Value. The shares were sold at prices ranging from $40.11 to $42.57 per share, near the stock's 52-week high of $42.76. Following these transactions, Malka retains ownership of 3,297,605 shares indirectly held by various funds. These sales were executed under a prearranged 10b5-1 trading plan. For deeper insights into insider transactions and comprehensive financial analysis, InvestingPro offers detailed research reports covering 1,400+ US stocks, including Robinhood Markets.
In other recent news, Robinhood Markets has seen several significant developments. Goldman Sachs (NYSE:GS) upgraded Robinhood's stock to a Buy rating, citing potential for expansion into wealth management and international sectors. Meanwhile, Keefe, Bruyette & Woods maintained a Market Perform rating, highlighting Robinhood's strategic goals and new product plans. Mizuho (NYSE:MFG) Securities increased its price target for Robinhood, emphasizing the company's potential to leverage market opportunities, while Piper Sandler adjusted its outlook, raising the price target and maintaining an Overweight rating.
Robinhood has reported a 36% year-over-year increase in Q3 2024 revenues to $637 million. The company also acquired TradePMR for $300 million, adding $40 billion in assets under administration and over 1,000 Registered Investment Advisors. Additionally, Robinhood expanded its cryptocurrency offerings to 20 tokens and launched new trading products such as Index Options and Futures.
Analyst firms including Deutsche Bank (ETR:DBKGn), Morgan Stanley (NYSE:MS), and KeyBanc Capital Markets have all adjusted their outlooks on Robinhood, citing the company's potential for future growth. In recent developments, Robinhood's November 2024 operating data showed a significant increase in Funded Customers and Assets Under Custody, with customer Net Deposits exceeding $5 billion. Lastly, Robinhood's chief legal and compliance officer, Dan Gallagher, is being considered for the chair of the Securities and Exchange Commission in the upcoming administration.
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