Form 4: Robinhood Director Sells HOOD Shares Via 10b5-1 Plan

Robinhood Markets Director Jonathan Rubinstein sold 42,430 shares of Class A Common Stock on November 11, 2025, through a pre-arranged Rule 10b5-1 trading plan.

Summary

• Jonathan Rubinstein, a Director of Robinhood Markets, Inc. (HOOD), reported the sale of Class A Common Stock.
• A total of 42,430 shares were sold on November 11, 2025, across four separate transactions.
• The sales were executed at weighted-average prices ranging from $131.7576 to $134.3722 per share.
• These transactions were conducted pursuant to a Rule 10b5-1 trading plan adopted by The Jonathan J. Rubinstein Trust on August 4, 2025.
• Following these transactions, Jonathan Rubinstein beneficially owns 146,678 shares of Class A Common Stock indirectly through the Trust.
• A prior transfer of 1,004 shares of Class A Common Stock from the Reporting Person to the Trust resulted in a change in the form of beneficial ownership, not a change in pecuniary interest.

Sentiment

Score: 4

Explanation: A director's sale of a significant number of shares, even under a pre-arranged plan, can sometimes be viewed with caution by investors, though the 10b5-1 plan indicates the decision was made in advance and not based on recent non-public information.

Negatives

• The sale of a significant number of shares by a director, even under a pre-arranged plan, can sometimes be perceived negatively by investors as a potential signal of reduced confidence, though the 10b5-1 plan mitigates this interpretation.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This insider transaction report is specific to an individual director's stock sale and does not provide broader industry context or trends.

Related Party Transactions

• The reported sales were made by The Jonathan J. Rubinstein Trust, which is controlled by the Reporting Person, a director of Robinhood Markets, Inc.
• A prior transfer of 1,004 shares of Class A Common Stock from Jonathan Rubinstein to The Jonathan J. Rubinstein Trust was a change in the form of beneficial ownership, not a change in pecuniary interest.

Stakeholder Impact

• Shareholders may interpret the director's sale of shares as a signal, potentially influencing market sentiment, although the pre-arranged 10b5-1 plan suggests the decision was not based on immediate, non-public information.

Key Dates

Recommendation

The sale of shares by a director, while a notable event, was conducted under a pre-arranged Rule 10b5-1 trading plan, indicating the decision to sell was made in advance and not necessarily based on recent material non-public information. This mitigates the potential negative signal of insider selling. Investors should consider this transaction as part of a broader analysis of the company's fundamentals and market conditions rather than a standalone reason to alter their investment thesis.

Keywords

Robinhood Markets, HOOD, Insider Trading, Form 4, Stock Sale, Director, Jonathan Rubinstein, 10b5-1 Plan