Reported 4 months ago
Robinhood's shares surged over 3% in pre-market trading after the trading app announced its inaugural $1 billion stock buyback plan, signaling a move towards maturity and growth beyond its startup phase. The buybacks are set to be executed over a two to three year period starting from the third quarter, with shares rising 4.3% to $21.34 after the announcement. The company's expansion into new features like credit cards, retirement accounts, and upcoming futures and index options trading has contributed to its upward trajectory, with its core trading business also showing strong performance.
Source: YAHOO