Daniel Martin Gallagher Jr., the Chief Legal Officer at Robinhood Markets , Inc. (NASDAQ:HOOD), recently sold 12,500 shares of the company's Class A common stock. This transaction, executed on December 3, 2024, was part of a pre-established Rule 10b5-1 trading plan set up by Gallagher in September. The sale comes as Robinhood, now valued at $34.47 billion, has seen its stock surge over 269% in the past year. According to InvestingPro analysis, the stock appears overvalued at current levels.
The shares were sold at a weighted-average price of $38.2235, resulting in a total value of approximately $477,793. The sales were conducted in multiple trades throughout the day, with prices ranging from $36.85 to $38.69.
Following the transaction, Gallagher retains ownership of 1,106,955 shares of Robinhood's Class A common stock.
In other recent news, Robinhood Markets has seen a flurry of analyst activity. Goldman Sachs upgraded the company to a Buy rating from Neutral, setting a new price target of $46.00. This upgrade is based on the belief that Robinhood will continue to capture wallet share from active traders and expand its market into wealth management and international sectors. On the other hand, Keefe, Bruyette & Woods maintained a Market Perform rating on Robinhood with a steady price target of $24.00.
Mizuho (NYSE:MFG) Securities increased its price target for Robinhood to $60, while maintaining an Outperform rating, expressing confidence in the company's potential to leverage its market opportunities. Piper Sandler also showed confidence in Robinhood's potential, maintaining an Overweight rating on shares with a steady price target of $54.00.
In terms of financial performance, Robinhood 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.
Robinhood has also expanded its cryptocurrency offerings to 20 tokens and launched new trading products such as Index Options and Futures. 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. These are the recent developments.
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