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Robinhood Markets (HOOD) Buys Shares From Emergent Fidelity
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Robinhood Markets, Inc. (HOOD - Free Report) announced that it purchased all 55,273,469 shares originally acquired by Emergent Fidelity Technologies, Ltd. The purchase was made for $605.6 million or $10.96 per share.
On Aug 30, Robinhood Markets entered a share purchase agreement with the United States Marshal Service, for and on behalf of the United States, to purchase the above-mentioned shares. The transaction was closed on Aug 31.
Bankman-Fried, the founder of the FTX crypto exchange, owned the Robinhood Markets stock through his Emergent Fidelity fund before they were seized and transferred to the custody of the United States. Robinhood Markets announced plans to buy back the stock on Feb 8, following the investment firm filing for bankruptcy.
The share purchase highlights the board of directors and management team’s confidence in their business. The move will help Robinhood Markets deliver shareholder value.
Per management, “We are happy to have completed the purchase of these shares and look forward to executing on our growth plans on behalf of our customers and shareholders.”
Recently, in an effort to expand its exposure toward cryptocurrencies, Robinhood Marketshas added wallet support for Bitcoin and Dogecoin.
Earlier, the Robinhood wallet — a multi-chain, self-custody and Web3 wallet — was restricted to sending and receiving tokens built on the Ethereum blockchain only. However, as customers asked for more assets on more chains, Robinhood Markets decided to expand its product offerings. Per the company, now all users of the Robinhood Markets wallet can send and receive Bitcoin and Dogecoin.
Over the past six months, shares of Robinhood Markets have gained 14.3% against the 10.6% decline of the industry.
Princeton Bancorp, Inc. (BPRN - Free Report) rewarded its shareholders with enhanced capital-deployment activities by introducing a share-repurchase program.
The new program allows BPRN to repurchase up to 5% of its outstanding shares of common stock (314,000 shares as of Aug 10, 2023) for not more than $10.7 million.
Pathward Financial, Inc. (CASH - Free Report) announced a share repurchase program, through which it can buy back up to an aggregate of 7 million shares of its outstanding common stock on or before Sep 30, 2028.
CASH has an existing share repurchase program in place. In September 2021, the board of directors of this Sioux Falls, SD-based company authorized the repurchase of 6 million shares of its outstanding common stock through Sep 30, 2024. From the beginning of fiscal 2023 through Aug 24, 2023, Pathward Financial repurchased 4.3 million shares and had 1.7 million shares remaining under the program.
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Robinhood Markets (HOOD) Buys Shares From Emergent Fidelity
Robinhood Markets, Inc. (HOOD - Free Report) announced that it purchased all 55,273,469 shares originally acquired by Emergent Fidelity Technologies, Ltd. The purchase was made for $605.6 million or $10.96 per share.
On Aug 30, Robinhood Markets entered a share purchase agreement with the United States Marshal Service, for and on behalf of the United States, to purchase the above-mentioned shares. The transaction was closed on Aug 31.
Bankman-Fried, the founder of the FTX crypto exchange, owned the Robinhood Markets stock through his Emergent Fidelity fund before they were seized and transferred to the custody of the United States. Robinhood Markets announced plans to buy back the stock on Feb 8, following the investment firm filing for bankruptcy.
The share purchase highlights the board of directors and management team’s confidence in their business. The move will help Robinhood Markets deliver shareholder value.
Per management, “We are happy to have completed the purchase of these shares and look forward to executing on our growth plans on behalf of our customers and shareholders.”
Recently, in an effort to expand its exposure toward cryptocurrencies, Robinhood Marketshas added wallet support for Bitcoin and Dogecoin.
Earlier, the Robinhood wallet — a multi-chain, self-custody and Web3 wallet — was restricted to sending and receiving tokens built on the Ethereum blockchain only. However, as customers asked for more assets on more chains, Robinhood Markets decided to expand its product offerings. Per the company, now all users of the Robinhood Markets wallet can send and receive Bitcoin and Dogecoin.
Over the past six months, shares of Robinhood Markets have gained 14.3% against the 10.6% decline of the industry.
Image Source: Zacks Investment Research
Currently, HOOD carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Share Buyback Plans of Other Companies
Princeton Bancorp, Inc. (BPRN - Free Report) rewarded its shareholders with enhanced capital-deployment activities by introducing a share-repurchase program.
The new program allows BPRN to repurchase up to 5% of its outstanding shares of common stock (314,000 shares as of Aug 10, 2023) for not more than $10.7 million.
Pathward Financial, Inc. (CASH - Free Report) announced a share repurchase program, through which it can buy back up to an aggregate of 7 million shares of its outstanding common stock on or before Sep 30, 2028.
CASH has an existing share repurchase program in place. In September 2021, the board of directors of this Sioux Falls, SD-based company authorized the repurchase of 6 million shares of its outstanding common stock through Sep 30, 2024. From the beginning of fiscal 2023 through Aug 24, 2023, Pathward Financial repurchased 4.3 million shares and had 1.7 million shares remaining under the program.