Robinhood stock adds 3% after initiating $1 billion stock buyback program By Investing.com

Robinhood (NASDAQ:) Markets stock added more than 3% in afterhours trading Tuesday after the broker unveiled plans for share repurchase program.

The company’s board of directors has given the green light for a Repurchase Program, allowing Robinhood to buy back up to $1 billion of its outstanding Class A common stock.

This strategic move is poised to unfold over the next two to three years, starting in the third quarter of 2024.

The buyback plan does not come with a set expiration date, providing the company with flexibility in its execution. 

The company’s decision comes after HOOD shares rose 60% year-to-date.