The company recently sold 66,200 shares of HOOD for $1.46 million on June 7th.
Ark Invest, led by Cathie Wood, sold 323,801 Robinhood shares across its three funds on June 10, 2024. Despite the acquisition of Bitstamp by a cryptocurrency exchange, Ark Invest continued to sell off Robinhood shares. Following the sale of over $7.5 million worth of HOOD shares, the stock price dropped during pre-market trading today.
This latest report reveals that Ark sold 323,801 Robinhood shares across its three funds: Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF).
Rebalancing Strategy
This sale turned out to be Ark’s largest dollar-value transaction of the day. Ark Invest is adjusting its holdings to focus on industries with promising future growth opportunities, such as biotechnology and technology. By increasing investments in biotech and tech companies while reducing exposure to Robinhood, Ark Invest demonstrates confidence in these sectors’ future prospects. The recent decline in stock price also indicates that Ark Invest profited from Monday’s surge in HOOD stock price.
Cathie Wood’s Ark Invest previously sold a significant portion of its Coinbase Global, Inc. (COIN) holdings.
After Ark Invest’s recent sell-off, Robinhood stock price dropped by 2.13% to $22.92 during pre-market trading on Tuesday, June 11. It has since recovered slightly and is currently trading at $23.08.
Cathie Woods Ark Invest offloads 75M of Robinhood shares
