Ark Invest sells $7 million in Robinhood shares, resulting in HOOD inventory to drop by 2%

Thrilling news emerged on Monday, June 10, 2024, as Ark Make investments, below the management of Cathie Wood, designed considerable trades involving a sizeable offer-off of Robinhood Markets Inc. (HOOD). The business continued to divest Robinhood shares irrespective of the the latest acquisition of Bitstamp by the crypto buying and selling platform. Currently, the HOOD inventory professional a decline in pre-marketplace buying and selling next Ark Invest’s sale of around $7.5 million worth of shares.

Are Robinhood Shares in Trouble?

The most up-to-date update reveals that Ark offloaded a total of 323,801 shares of Robinhood throughout 3 of its money: Ark Innovation ETF (ARKK), Ark Following Era World wide web ETF (ARKW), and Ark Fintech Innovation ETF (ARKF). This strategic divestment resulted in around $7.58 million in income.

This sale marked the greatest greenback-worth transaction of the day for Ark. The go is section of the firm’s ongoing rebalancing of portfolios, with a distinct focus on sectors like biotechnology and technological know-how.

Even with lowering exposure to Robinhood, Ark Devote enhanced investments in different biotech and tech firms. This change in system displays their optimistic outlook on the lengthy-phrase probable of these industries. Furthermore, the recent selloff signifies that Ark Devote took benefit of the spike in HOOD inventory value on Monday.

Prior to this, Cathie Wood’s Ark Commit had offered off a significant stake in Coinbase World, Inc. (COIN). Even so, the spree of divesting COIN stock has eased off in current occasions. In contrast, the business had divested 66,200 HOOD shares back on Friday, June 7, with a price of $1.46 million.

HOOD Stock Update: Pre-sector Dip

In the aftermath of Ark Invest’s current selloff, the Robinhood stock expert a 2.13% plunge to $22.92 in the pre-current market session on Tuesday, June 11. Even with this, on Monday, the HOOD stock experienced surged by 5.59% and shut at $23.42. The inventory has been on an upward trajectory adhering to the Bitstamp acquisition.

Around the previous 7 days, the HOOD stock selling price has observed an impressive 11.42% achieve. This surge arrives on the heels of Robinhood’s announcement of a $200 million acquisition of Bitstamp. Market gurus look at this transfer as a strategic one with promising prolonged-expression prospective clients for the agency.

Even with this good outlook, Ark Invest’s ongoing divestment implies a various viewpoint. The company seems to have a bearish extensive-time period see on HOOD stock, aiming to capitalize on limited-term gains in share value. This implies that further divestment steps may perhaps be taken by the Cathie Wood-led business in the upcoming.




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