On Monday, Cathie Wood-led Ark Invest made a significant move by reducing its holdings in Robinhood Markets Inc (NASDAQ:HOOD). This decision came amidst a period of market fluctuations and followed a recent trend of the investment firm adjusting its portfolio.
The HOOD Trade: Ark Invest's decision to trim its position in Robinhood was executed through three of its ETFs. The ARK Fintech Innovation ETF (NYSE:ARKF) sold 31,827 shares, while the ARK Innovation ETF (NYSE:ARKK) and the ARK Next Generation Internet ETF (NYSE:ARKW) offloaded 215,675 and 76,299 shares respectively. Based on Robinhood's closing price of $23.42 on Monday, the total value of the shares sold is approximately $7.6 million.
The volatility in Robinhood shares comes amid a revival of the meme stock saga, recently Robinhood CEO Vlad Tenev announced that the company was prepared to handle any traffic influx resulting from a scheduled live stream from Roaring Kitty, also known as Keith Gill, who is famous for his investments in GameStop Corporation. The company also recently announced a $1 billion buyback, which contributed to the stock's upward trend.
Notably, the trade was executed in the background of a choppy cryptocurrency market when major coins like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) traded in the red.
Other Key Trades:
- Exact Sciences Corp (NASDAQ:EXAS): Sold shares via ARKG and shares via ARKK.
- Arcturus Therapeutics Holdings Inc (NASDAQ:ARCT): Purchased shares via ARKG.
- Teladoc Health Inc (NYSE:TDOC): Sold shares via ARKG.
- Intellia Therapeutics Inc (NASDAQ:NTLA): Bought shares via ARKG and shares via ARKK.
- Verve Therapeutics Inc (NASDAQ:VERV): Sold shares via ARKG and shares via ARKK. Veracyte Inc (NASDAQ:VCYT): Bought 5,804 shares via ARKG and shares via ARKK.
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal