Robinhood receives approval to underwrite IPOs, discloses platform assets worth 3,770billion
Robinhood has received approval to conduct IPO underwriting activities. Platform assets totaled 3,770billion, and funded customers were reported at 27,700,000The company was also reported to have seen insider purchases and rating upgrades from Goldman Sachs and Truist.
Robinhood Markets (HOOD) has received approval to operate as an IPO underwriter. The approval enables the company to conduct activities beyond the scope of its existing retail trading platform. Its share price moved higher immediately after the announcement.
The company disclosed that its platform assets had increased to a record level. Platform assets for the quarter totaled 3,770billion, while the year-over-year growth rate was 48The data shows that the amount of funds held by the company has expanded.
The report stated that the number of funded customers was 27,700,000The same document said trading volume in stocks and options remained strong. The company explained that trading activity contributed to platform revenue.
Some insider buying has been reported. Analysts including Goldman Sachs and Truist have upgraded their ratings on Robinhood. These reports drew investors' attention.
Meanwhile, the stock is 52below its yearly high of 152dollars. The article reported that the stock remains at a level below its high. The company has not yet made any further announcements.
Sources: Investing.com
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