Cathie Wood’s Ark Invest Scoops Up 2.2M Falling Robinhood Shares

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Cathie Wood’s ARK Investment Management picked up a lot of Robinhood (NASDAQ: HOOD) shares on Wednesday, regardless of the inventory platform’s poor crypto revenues earnings.

  • The transfer got here as Robinhood shares fell roughly 8% on Tuesday after the zero-commission buying and selling platform missed badly on income expectations.
  • ARKK, an exchange-traded fund that seeks to spend money on “disruptive innovation,” noticed 1,728,431 shares added to its portfolio with a fund weighting of roughly 0.28%, in response to a commerce notification on Wednesday.
  • The ARKW fund, which invests primarily in applied sciences related to the “next generation internet,” noticed an additional 320,211 shares added Wednesday.
  • Meanwhile, ARKF, a fund that invests in FinTech innovation, noticed an additional 192,038 shares added.
  • In complete, bitcoin bull Cathie Wood’s funds picked up a complete of two,240,680 shares.
  • Robinhood shares, buying and selling underneath the ticker image HOOD, have fallen round 50% since they first debuted on the Nasdaq alternate.
  • The worth of $HOOD stood at $35.44 on the closing bell.

Read extra: Cathie Wood’s Ark, 21Shares Team Up on Bitcoin Futures ETF Application to SEC