October 23, 2024

Cathie Wood-Led Ark Dumps $5.8M Worth Of Robinhood Shares Amid Forecasts Of A Potential Rally From Analysts

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On Tuesday, Cathie Wood’s Ark Invest made significant trades, with a notable sell-off in Robinhood Markets Inc HOOD.

The Robinhood Trade

Ark Invest sold a total of 210,483 shares of Robinhood from its ARK Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW, marking a significant reduction in its holdings of the stock. The value of this trade, based on Robinhood’s closing price of $27.41 on Tuesday, is approximately $5.8 million. This move comes amidst a backdrop of changing analyst forecasts for Robinhood, with some predicting a potential rally of around 12% for the stock.

However, this isn’t the first time that Ark Invest has reduced its stake in Robinhood. Earlier in the week, Cathie Wood had already trimmed Ark’s holdings in the company, sparking discussions among investors about whether to follow her lead or stay put. As Benzinga noted, the reasons behind selling a stock can be varied and often more nuanced than market reactions might suggest.

See Also: Investors Lost Over 95% Of Their Wealth In This Nvidia-Linked ETF While Jensen Huang-Led Chip Giant Gained 220% In The Past Year: Here’s More

Other Key Trades:

Ark Invest sold 34,392 shares of Moderna Inc (MRNA) from its ARKG fund. The firm bought shares of Tempus AI Inc (TEM) for its ARKG fund and ARKK fund.
Ark purchased 7,609 shares of CRISPR Therapeutics AG (CRSP) for its ARKG fund and also for its ARKK fund. The investment manager also added shares of Cerus Corp (CERS) to its ARKG fund and ARKK funds.

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

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