Ed Lin

Robinhood Chief Brokerage Officer Steven Quirk just made the first sale of shares of the financial-services platform through a new trading plan.

Quirk adopted a new so-called Rule 10b5-1 plan on Nov. 12, 2024, that provides for the sale of up to 811,374 Robinhood shares, including 441,179 shares from the settlement of unvested restricted stock units, or RSUs. Based on a recent market price of $49.71, those 811,374 covered by the plan are valued at $40.3 million in total. The plan is set to end Feb. 21, 2026.

Insiders use such plans to remove the appearance of bias from the knowledge of nonpublic information. The plans automatically execute trades when preset conditions, including price, volume, and timing, are met.

Quirk's plan sold 123,272 Robinhood shares on Feb. 21 for $6.9 million, an average price of $55.80 each, according to a form he filed with the Securities and Exchange Commission.

Quirk adopted his current plan after an earlier plan was terminated. On Oct. 11, 2024, Morgan Stanley Smith Barney "initiated a termination" of a plan he had adopted on June 12, 2024, to sell 1.03 million Robinhood shares, including 491,940 shares from the settlement of unvested RSUs. That plan was set to expire Sept. 19, 2025.

It wasn't clear why the earlier plan was terminated. Robinhood didn't immediately respond to a request to make Quirk available for comment.

The older plan only made one sale before it was terminated, selling 208,291 shares for $5.2 million, or an average of $24.98 each.

Robinhood stock has been on a tear. Shares are up more than 30% so far in 2025, after tripling in value in 2024.

Inside Scoop is a regular Barron's feature covering stock transactions by corporate executives and board members -- so-called insiders -- as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write to Ed Lin at ed.lin@barrons.com

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February 26, 2025 13:44 ET (18:44 GMT)

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