Robinhood (NASDAQ:HOOD) stock is in the news Thursday after the company said it wants to repurchase Sam Bankman-Fried’s shares.
Sam Bankman-Fried is the former CEO of FTX, the crypto exchange that caused waves late last year with its bankruptcy filing. Before that, Bankman-Fried acquired a 7.6% stake in HOOD stock through Emergent Fidelity Technologies.
While that investment initially caused HOOD stock to soar, the company isn’t happy with it following the FTX fallout. As such, it’s seeking to repurchase those shares as they act as a distraction to investors. The company also believes doing so will be “accretive over time.”
It’s worth noting that the share repurchase news is helping shares of HOOD out today. That’s despite the company’s latest earnings report also being released. The report included mixed results, with earnings per share beating estimates but revenue missing estimates.
How HOOD Stock Is Moving Today
Following today’s news, some 3.6 million shares of HOOD stock have changed hands. To put that in perspective, the company’s daily average trading volume is about 8.7 million shares.
HOOD stock is up 3.6% as of Thursday morning, which builds on its already 34% gain since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.