TWLO - Cathie Wood's Ark Loads Up On $3.3M Worth Of Robinhood Shares Continues Its Tesla Stock Purchase Spree | Benzinga
On Wednesday, Cathie Wood-led Ark Invest made a significant move in the stock market, purchasing $3.3 million worth of shares in Robinhood Markets Inc (NASDAQ:HOOD). This decision comes amidst a period of strategic shifts and financial growth for Robinhood, marking another bold step by Ark Invest in supporting innovative companies.
The Robinhood Trade
Ark Invest purchased a total of 305,674 Robinhood shares through its flagship ARKK and ARKW. Robinhood shares closed 2.54% lower at $10.74 on Wednesday.
The firm’s acquisition of Robinhood shares reflects a growing confidence in the company’s revamped strategy and financial trajectory. A recent analysis of Robinhood’s upward financial trajectory highlights the firm’s potential in the evolving fintech landscape.
Dan Dolev, an analyst from Mizuho, suggests that the recent introduction of a 3-cent pass-through charge per option trading contract by HOOD, as disclosed in the fiscal third quarter 2023 10-Q, might have the potential to increase the 2024 adjusted EBITDA by 5% or more. the analyst has a buy recommendation with a price target of $15 for the stock.
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The Tesla Trade
Ark purchased 6,649 Tesla shares through ARK ...