Baiju Bhatt, a director at Robinhood Markets , Inc. (NASDAQ:HOOD), executed a significant sale of company stock, according to a recent SEC filing. On December 12, Bhatt sold 45,077 shares of Class A Common Stock at a price of $40.02 per share, amounting to a total transaction value of approximately $1.8 million. The sale comes as Robinhood, now valued at $38.3 billion, trades near its 52-week high of $43.83, having delivered an impressive 239% return year-to-date. This sale was conducted under a pre-arranged 10b5-1 trading plan established by Bhatt's Living Trust in August 2024. Following this transaction, Bhatt's Living Trust no longer holds these shares. According to InvestingPro analysis, Robinhood's stock has shown significant price volatility, with multiple analysts recently revising earnings expectations upward. Discover 12 additional exclusive ProTips and comprehensive analysis with an InvestingPro subscription.
In other recent news, Robinhood Markets reported a 36% year-over-year increase in Q3 2024 revenues to $637 million. Goldman Sachs (NYSE:GS) has reaffirmed its Buy rating for Robinhood, projecting fourth-quarter trading revenue to be 51% higher than consensus estimates. The company also experienced a notable growth in assets under custody and funded accounts. Analyst firms, including Barclays (LON:BARC) and Goldman Sachs, have upgraded Robinhood's shares due to a positive outlook on cryptocurrency and expansion. However, Keefe, Bruyette & Woods maintained a 'Market Perform' rating. Mizuho (NYSE:MFG) Securities increased Robinhood's price target to $60, maintaining an 'Outperform' rating. These are recent developments. Robinhood also acquired TradePMR for $300 million and expanded its cryptocurrency offerings to 20 tokens. Lastly, Robinhood's chief legal and compliance officer, Dan Gallagher, is being considered for the chair of the Securities and Exchange Commission.
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