From Investing.com: 2024-05-29 04:42:50

Robinhood’s stock rose over 3% in premarket trading after announcing a $1 billion share repurchase program. This will allow the company to buy back approximately 49M shares, representing 6% of shares outstanding. The plan is set to take place over 2-3 years, starting in Q3 2024, with no set expiration date.

Barclays analysts noted that the buyback program is a strategic move by Robinhood to manage its large number of outstanding shares, potentially supporting the stock’s valuation over time. The company is seen as straddling the line between fintech and financials, with its stock up over 60% this year, outperforming the market.



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