Robinhood chief legal officer sells $3 million in stock

Daniel Martin Gallagher Jr., the Chief Legal Officer at Robinhood Markets , Inc. (NASDAQ:HOOD), a fintech company now valued at nearly $50 billion, recently executed significant stock transactions according to a new SEC filing. According to InvestingPro data, HOOD shares have surged over 320% in the past year, though current analysis suggests the stock is trading above its Fair Value. On February 18, Gallagher sold 50,000 shares of Robinhood’s Class A Common Stock, generating approximately $3,038,625. The shares were sold at a weighted-average price of $60.7725, with prices ranging from $60.75 to $60.88 throughout the day.

In addition to the sale, Gallagher exercised options to acquire 50,000 shares of Class A Common Stock at $10.24 per share, a transaction valued at $512,000. Post these transactions, Gallagher holds 706,642 shares directly.

In other recent news, Robinhood Markets reported a record-breaking quarter for its cryptocurrency revenue, which surged to $360 million in the fourth quarter. This represents a significant increase from the previous quarter and now accounts for nearly 40% of the company’s total quarterly revenue. The growth is attributed to Robinhood’s expanded cryptocurrency offerings, including new tokens. Meanwhile, Bernstein analysts maintained their Outperform rating on Robinhood, with a price target of $105, citing the company’s growth in cryptocurrency revenues and diverse revenue streams.

Piper Sandler also reiterated an Overweight rating on Robinhood, highlighting potential earnings growth from new product launches such as futures and advisory services. They project that these could significantly boost earnings estimates for the coming years. Additionally, Keefe, Bruyette & Woods raised their price target for Robinhood to $60, acknowledging a stronger-than-expected earnings report and robust transaction revenues. The firm’s analysis suggests continued growth in trading volumes and client balances may drive higher net interest revenues.

Robinhood’s recent performance has caught the attention of multiple analyst firms, each noting the company’s strategic positioning and potential for future growth. These developments reflect a positive operating environment for Robinhood as it continues to expand its service offerings.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.