Robinhood Unveils Big Stock Buyback Program: What To Know

Stock trading app Robinhood said its board authorized a $1 billion share repurchase program. Here's what that means.

Green Robinhood logo on smartphone with stock charts blurred in the background
(Image credit: Omar Marques/SOPA Images/LightRocket via Getty Images)

Late Tuesday, Robinhood Markets (HOOD) said its board of directors approved a $1 billion share repurchase program, which has its shares trading cautiously higher in Wednesday's trading session.

Robinhood said it expects the share repurchases to take place over a two- to three-year period beginning in the third quarter of 2024. This will depend "on general business and market conditions, and alternative investment opportunities," the company said in a statement, adding that management "plans to vary the pace of capital deployment depending on share price."

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Joey Solitro
Contributor

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.