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Robinhood (NASDAQ:) Markets inventory added greater than 3% in afterhours buying and selling Tuesday after the dealer unveiled plans for share repurchase program.
The corporate’s board of administrators has given the inexperienced mild for a Repurchase Program, permitting Robinhood to purchase again as much as $1 billion of its excellent Class A typical inventory.
This strategic transfer is poised to unfold over the subsequent two to 3 years, beginning within the third quarter of 2024.
The buyback plan doesn’t include a set expiration date, offering the corporate with flexibility in its execution.
The corporate’s determination comes after HOOD shares rose 60% year-to-date.
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