Robinhood Markets (NASDAQ:HOOD) saw its stock climb over 2% in pre-market today following the announcement of a share repurchase program.

The board of directors authorized the Repurchase Program, enabling Robinhood to buy back up to $1 billion of its outstanding Class A common stock. This strategic initiative is set to begin in the third quarter of 2024 and will span the next two to three years. The buyback plan is open-ended, allowing the company flexibility in its execution.

This decision follows a 60% increase in Robinhood's shares year-to-date.