Benzinga - by Anusuya Lahiri, Benzinga Editor.
Robinhood Markets, Inc (NASDAQ:HOOD) stock continued trading higher Wednesday after the company on Tuesday announced a new share buyback program, enabling it to buy back stock worth $1 billion.
Earlier this month, Robinhood launched tiered margin rates for investors, ranging from 5.7% to 6.75%. These rates enable investors to invest more immediately without needing to deposit money from their bank.
Also in May, CEO Vlad Tenev divulged that it targets different age groups with its retirement offerings to expand its reach.
Also Read: Robinhood Launches Its First Crypto Staking Offering For Solana But Feature Limited To Europe
Analysts expressed their bullishness on the American financial services company, citing better economic conditions with the stock and crypto markets back in bull market territory and the possibility of Fed rate cuts.
Analysts flagged Robinhood’s launch of competitive products and free cash flow conversation.
Robinhood Markets stock gained over 129% in the last 12 months. Investors can gain exposure to the stock via ARK Fintech Innovation ETF (NYSE:ARKF) and ARK Innovation ETF (NYSE:ARKK).
Price Action: HOOD shares are trading higher by 2.10% to $20.90 premarket at the last check on Wednesday.
Also Read: GameStop’s Rally Resumes In May – What Sparked The Interest?
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