In a recent transaction, Baiju Bhatt, a director at Robinhood Markets, Inc. (NASDAQ: HOOD), sold shares of the company’s stock, indicating a notable movement in the insider trading activity.
On April 18, 2024, Bhatt sold a total of 16,667 shares of Robinhood’s Class A Common Stock at an average price of $17.1593 per share, totaling approximately $285,994. This sale was conducted through a series of trades within a range of $16.92 to $17.58, as part of a pre-arranged 10b5-1 trading plan.
The 10b5-1 trading plan, often used by company insiders to sell stocks at predetermined times and prices to avoid any accusations of insider trading, was adopted by Bhatt’s Living Trust on September 13, 2023. The plan led to the automatic conversion of 16,667 shares of Class B Common Stock into Class A Common Stock upon the execution of the sale.
Following this transaction, the reporting documents indicate that Bhatt’s Living Trust now directly holds 36,045 shares of Class A Common Stock. It is also noted that the Trust indirectly owns a substantial number of shares, totaling 58,416,704 shares of Class B Common Stock, through a Living Trust.
Investors and market watchers often keep a close eye on insider transactions as they provide insights into the perspectives of those with intimate knowledge of the company. The recent sale by Bhatt, while significant in volume, is part of a planned trading strategy and does not necessarily reflect a change in company outlook.
Robinhood Markets , Inc., based in Menlo Park, California, is a widely recognized player in the brokerage industry, providing a platform for trading securities, including a focus on crypto assets. The company’s stock is publicly traded under the ticker symbol HOOD on the NASDAQ exchange.
