Online trading website Robinhood (HOOD.US) announced that it is acquiring Pluto Capital to add an AI-driven investment research platform to its portfolio.
According to the financial news app, Robinhood (HOOD.US) is currently acquiring Pluto Capital to add an AI-driven investment research platform to its portfolio. As a result, the stock rose by approximately 1% to $22.85 in Monday's mid-day trading. The company claims to provide highly customized investment strategies based on customer needs and financial goals. Financial details were not disclosed.
Robinhood stated that Pluto's AI technology will provide customers with stronger data analysis capabilities, personalized investment strategies and real-time insights and portfolio optimization.
Jacob Sansbury, founder and CEO of Pluto Capital, said he will join Robinhood to "accelerate the product roadmap and help integrate AI-driven features into the Robinhood platform".
With Monday's rise, Robinhood's stock has risen 80% since 2024. The company announced a $1 billion buyback plan at the end of May.