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Daniel Martin Gallagher Jr., the Chief Legal Officer of Robinhood Markets Inc. (NASDAQ:HOOD), has sold 25,000 shares of the company’s Class A common stock. The shares were sold at a weighted-average price of $51.60, amounting to a total transaction value of approximately $1.29 million. This transaction was executed under a pre-established Rule 10b5-1 trading plan, which Gallagher adopted on August 9, 2024. The sale comes as Robinhood’s stock has shown remarkable strength, with InvestingPro data showing a 220% surge over the past six months and the stock currently trading near its 52-week high of $53.51.
After the sale, Gallagher retains ownership of 706,642 shares. The sales were executed in multiple trades throughout the day, with prices ranging from $48.53 to $52.29. Gallagher has committed to providing detailed information on the trades upon request. With a current market capitalization of $47.8 billion and trading at 6.65 times book value, InvestingPro analysis suggests the stock is currently overvalued. Investors seeking deeper insights can access 13 additional ProTips and comprehensive valuation metrics through InvestingPro’s detailed research report.
In other recent news, Robinhood Markets Inc. has suspended its recently launched Super Bowl betting feature following a request from the Commodities and Futures Trading Commission (CFTC). The suspension, which affects Robinhood’s Pro Football Championship market, occurred shortly after the online brokerage firm introduced the product. Robinhood Derivatives, LLC (RHD) expressed disappointment at the development, emphasizing its ongoing communication with the CFTC about its plans to offer the product. The halt coincides with CFTC investigations into Crypto.com and Kalshi over their offerings of Super Bowl event contracts. Despite the setback, Robinhood plans to continue its collaboration with the CFTC as it works towards launching a more comprehensive event contracts platform later this year. These developments highlight the regulatory scrutiny surrounding event contracts and their implications for future derivative products.
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