05:17 AM EDT, 05/29/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Robinhood Markets ( HOOD ) traded up 4% in premarket activity on Wednesday after the online investment trading platform said overnight its board approved a $1 billion share repurchase program.

Scheduled to begin in Q3, the company expects to conduct repurchases over a two-to-three-year period under the program for its outstanding class A common shares, according to a regulatory filing late Tuesday.

Price: 21.29, Change: +0.82, Percent Change: +4.01