Search markets
Search icon A magnifying glass. It indicates, "Click to perform a search".
Search markets
Search icon A magnifying glass. It indicates, "Click to perform a search".
Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.

Cathie Wood Sells Another $59M In Tesla And Buys The Dip In Robinhood And This Social Media Stock

Benzinga
Oct. 27, 2021, 10:31 PM

Cathie Wood’s money managing firm Ark Invest on Wednesday further raised its exposure in Robinhood Markets Inc (NASDAQ:HOOD) as shares of the financial services company tanked after reporting earnings for the latest quarter.

Ark Invest bought 2.24 million shares — estimated to be worth $79.4 million — in Robinhood Markets on the day the stock tanked 10.44% to $35.44 a share.

Robinhood reported third-quarter revenue of $365 million after hours on Tuesday, up 35% year-over-year but missed analysts’ estimates of $431.3 million.  The company noted a decline in cryptocurrency activity during the quarter.

See Also: Retail-Investor Focus Shifted From Dogecoin To Equities In Q3, Says Robinhood As Crypto Revenue Takes A Hit

The company noted the cryptocurrency decline was partly due to a fall in demand for Dogecoin (CRYPTO: DOGE), which touched an all-time high of $0.74 in May the first and has plummeted 66.3% since then.

Ark sold Robinhood shares via the Ark Innovation ETF (NYSE:ARKK), the Ark Fintech Innovation ETF (NYSE:ARKF), and the Ark Next Generation Internet ETF (NYSE:ARKW) on Wednesday. No other Ark Invest ETF owns shares in the company.

Wood’s investment management firm held 9.73 million shares — worth $385.36 million — in Robinhood ahead of Wednesday’s trade.

Robinhood stock is up 1.78% since its public listing in July.

See Also: Cathie Wood Sells Another $120M In Tesla On Tuesday And Buys This Social Media Stock

Here are a few other key trades for Ark on Wednesday:

  • Sold 57,106 shares — estimated to be worth $59.26 million — in Tesla Inc (NASDAQ:TSLA). Including the latest sale, Ark Invest has sold about $1.09 billion worth of shares in Tesla since the start of September.
  • Bought 1.1 million shares — estimated to be about $60.68 million — in Twitter Inc (NYSE:TWTR), on the day shares of the social media company closed 10.78% lower at $54.81 a share.
  • Sold 106,531 shares — estimated to be worth $33.2 million — in Coinbase Global Inc (NASDAQ:COIN) on the day shares closed 2.45% lower at $311.67 a share.

Photo: Courtesy of Robinhood

News

pagehit
Find News News