The broker-dealer Robinhood Markets reduced its position by $21.6M, cutting its directly held shares by 5.0% at a price 60% below the 90-day high. This is the firm's third sell transaction on RVI in under a month, following prior sales of $1.8M and $4.0M, with no offsetting buys on record.

Where it could go — A series of large-scale institutional sells by a single entity suggests portfolio rebalancing or loss of conviction; watch for further reductions or a potential secondary offering.