Robinhood is buying AI-powered investment research platform Pluto Capital for an undisclosed price.
The company said the addition of Pluto Capital will improve its customers’ experience through improved data analytics, investment strategies, and portfolios.
Pluto founder and CEO Jacob Sansbury will join Robinhood to help with the integration of its technology.
Shares of Robinhood Markets (
HOOD
) climbed about 1% to $22.85 in intraday trading Monday after the online trading site moved to add an
artificial intelligence (AI)
-powered investment research platform to its portfolio.
Robinhood said it is acquiring Pluto Capital, which it said “delivers highly-customized investment strategies based on customer needs and financial goals.”
Financial details were not disclosed.
Pluto Purchase To Enhance Data and Analytics Capabilities
Robinhood said that the addition of Pluto’s AI technology will give its customers enhanced data analytics capabilities, personalized investment strategies, and real-time insights and portfolio optimization.
Pluto Capital founder and CEO Jacob Sansbury will join Robinhood to “accelerate our product roadmap and help integrate AI-powered capabilities across the Robinhood platform,” the company said.
With Monday’s gains, Robinhood shares have added 80% in 2024 so far. The company in late May announced a $1 billion
buyback program
.
