Cathie Wood’s ARK buys the dip on Robinhood in its largest purchase in 6 months after 23% slump
Source: CoinDesk ·
From the source
HOOD fell 3.3% on Wednesday, broadening its one-month decline to more than 23%. Cathie Wood’s ARK Invest bought about $9.1 million of Robinhood Markets HOOD shares Wednesday, its largest purchase of the stock since buying roughly $39 million worth on April 29. The firm added 99,418 shares across three exchange-traded funds (ETFs), its first purchase since Sept. 8, according to trade data shared by its trading desk. The purchases were spread between the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW) and the ARK Blockchain & Fintech Innovation ETF (ARKF). The purchase is valued using Robinhood’s Wednesday closing price of $91.43. The stock fell 3.3% that day, broadening its one-month decline to more than 23%. ARK had been selling earlier in the month, offloading about $47.5 million of Robinhood shares from Oct. 6 through Oct. 9, when the stock closed between $107 and $112. Wednesday’s addition reversed that direction. The buying followed Robinhood’s…