TXG - Cathie Wood's Ark Invest Purchases $9.5M Worth Of Robinhood Shares Downsizes Holdings Of Grayscale Bitcoin Investment Trust | Benzinga
On Wednesday, in a significant move, Cathie Wood-led Ark Invest purchased over $9.5 million worth of shares in Robinhood Markets Inc (NASDAQ:HOOD), signaling a bullish stance on the brokerage firm despite its mixed third-quarter earnings report.
The Robinhood Trade
Ark purchased 1,141,046 Robinhood shares through its flagship ARK Innovation ETF (NYSE:ARKK) as well as ARK Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF). The transaction was valued at $9.53 million, based on Robinhood’s closing price of $20.42.
Ark Invest’s acquisition of Robinhood shares comes after the company’s recent earnings report, which showed a revenue increase of 29% alongside a decline in monthly active users. This trade reflects Wood’s continued confidence in Robinhood’s growth trajectory and potential for recovery. For more context on Robinhood’s performance, Robinhood’s Q3 earnings ...