TradingKey – Robinhood CEO dumps 370,000 shares, cashing in over $40 million and nearly wiping out his direct Class A holdings—does this signal the stock price has peaked?

On October 8, Eastern Time, Robinhood (HOOD) stock continued to weaken after opening, falling from near a high of $110 down to a low of $105, hitting a new low since mid-September. Subsequently, Robinhood’s stock price rebounded and strengthened, narrowing its decline to 2.28% and closing at $107.01.

The direct cause of Robinhood’s stock price decline was panic commentary in market communities alleging that the CEO was dumping all his holdings. According to disclosures published by the U.S. SEC yesterday, Robinhood CEO Vladimir Tenev sold over 370,000 shares of…