Robinhood approved as an IPO underwriter, with platform assets of 3,770 billion
Robinhood has received approval to act as an IPO underwriter. Platform assets totaled 3,770 billion, with 27,700,000 funded customers, while stock and options trading increased year over year by 75% and 29%, respectively. Insider buying and analyst upgrades led to an average price target of approximately 100.
Robinhood has received approval to act as an IPO underwriter. The approval provides a basis for the company to carry out activities beyond its existing retail trading platform. The approval date is 6 / 11.
The company reported record platform assets of 3,770 billion. The number of funded customers was counted at 27,700,000. The company presented these two figures as key performance indicators.
Stock trading activity increased year over year by 75%. Options trading activity increased year over year by 29%. The company said trading volumes are expanding in both markets.
Director Meyer Malka reported a share repurchase. Several analysts raised their price targets. The analysts’ average price target is approximately 100dollars.
With this approval, Robinhood will be officially able to perform services related to IPO underwriting. The company also reported growth in its platform assets and customer base. Cases of insider purchases and analyst upgrades were also disclosed.
The figures and disclosures in question were released by the company. Investors and the market are responding based on the company’s announcements and the related figures. Additional disclosures are expected to contain specific details related to the company’s future business plans.
Sources: Benzinga
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