Robinhood Jumps on Plan to Buy Back Up to $1 Billion of Shares
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Robinhood Markets Inc. jumped after the retail brokerage announced a plan to repurchase as much as $1 billion of its own shares.
The firm expects the buyback program to kick off in the third quarter and take place over a two to three year period, it said Tuesday in a filing. Shares in Robinhood jumped as much as 7.4% in late New York trading after the company said its board approved the repurchase plan.