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Baiju Bhatt, a director at Robinhood Markets , Inc. (NASDAQ:HOOD), recently executed a significant stock sale, according to a recent SEC filing. On March 24, Bhatt sold 47,023 shares of Class A Common Stock, valued at approximately $2.18 million, at an average price of $46.37 per share. The sale comes as Robinhood’s stock has shown remarkable momentum, with a 132% gain over the past year and a market capitalization of $39.61 billion. According to InvestingPro analysis, the stock currently trades above its Fair Value. This transaction was conducted under a Rule 10b5-1 trading plan by the Baiju Prafulkumar Bhatt Living Trust.
The shares sold were initially part of a conversion from Class B Common Stock to Class A Common Stock, as stipulated in the Bhatt 10b5-1 plan. Following this transaction, Bhatt’s direct holdings in Robinhood now stand at 5,042 shares.
In other recent news, Robinhood is under investigation by Massachusetts’ top securities regulator for its launch of a prediction-markets hub, which allows users to bet on events such as college basketball tournaments. The state has issued a subpoena requesting information on how many users in Massachusetts have engaged in trading contracts related to college sports. Meanwhile, Robinhood has maintained its Overweight rating from KeyBanc Capital Markets, with a $75 price target, reflecting confidence in the company’s financial model and new product developments. Compass Point has initiated coverage of Robinhood with a Buy rating and a $61 price target, citing potential revenue growth from its cryptocurrency user base.
Additionally, Mizuho (NYSE:MFG) Securities has reiterated its Outperform rating on Robinhood with an $80 price target, highlighting the company’s strategic move into prediction markets within its app. This feature is designed to capitalize on the growing trend of mobile sports betting, aligning with a significant portion of Robinhood’s user base. In related developments, Robinhood is planning to integrate Bitstamp crypto exchange by 2025 to offer a comprehensive suite of crypto services. The company’s collaboration with Kalshi aims to launch a platform for predicting outcomes in politics, economics, and sports.
These developments indicate Robinhood’s efforts to diversify its offerings and enhance user engagement. Analysts from various firms see potential growth opportunities for Robinhood, driven by its strategic initiatives and evolving product lineup.
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