Bhatt Baiju 4

What Happened

• Baiju Bhatt, a director of Robinhood Markets, sold a total of 67,422 shares of Class A common stock on March 20, 2026, via open-market transactions. The sales were executed in multiple trades at weighted-average prices of $70.56, $71.47, $72.29 and $73.09, producing aggregate proceeds of approximately $4,808,528.
• The sales followed the automatic conversion of 67,422 shares of Class B common stock into Class A common stock (derivative conversion). The conversions and subsequent sales were carried out pursuant to a Rule 10b5-1 trading plan adopted by the Baiju Bhatt Living Trust.

Key Details

• Transaction date: March 20, 2026; Form 4 filed March 24, 2026 (timely within the two-business-day window).
• Sales executed in multiple trades with price ranges roughly $69.92–$73.09; weighted-average prices reported for each block: $70.56, $71.47, $72.29, $73.09.
• Total shares sold: 67,422; total reported proceeds: about $4.81 million.
• Derivative activity: 67,422 Class B shares converted to Class A upon execution of the sales (reported as conversion entries in the filing).
• Plan/footnotes: Transactions were effected under a 10b5-1 plan adopted by the Baiju Bhatt Living Trust on Nov 13, 2025; filing includes footnotes disclosing intra-day price ranges and willingness to provide detailed trade-level info on request.
• Shares owned after the transaction: not specified in the provided excerpt of the filing.

Context

• These were sales under a pre-established 10b5-1 plan (routine, pre-scheduled selling mechanism), not an ad hoc sale; that structure is designed to avoid trading based on material nonpublic information.
• The filing shows conversion of Class B shares into Class A shares tied to the sales — a mechanical step that enabled the open-market disposals.
• Sales by directors are common and not inherently negative for the company; purchases would be a more direct bullish signal.