From BigGo Finance · BigGo Finance · · 1m 10s
Cathie Wood's ARK Buys Robinhood Shares After Slide
ARK Invest purchased $9.1 million of Robinhood shares following a 23% monthly drop.
In brief
ARK Invest purchased $9.1 million of Robinhood shares following a 23% monthly drop. ARK Invest bought $9.1 million worth of Robinhood shares after its stock fell 23% in a month. Originally reported by BigGo Finance.
ARK Invest Buys Robinhood Shares
ARK Invest purchased about $9.1 million of Robinhood shares on Wednesday, its largest purchase since April.
Shares Purchased Across Three ETFs
The firm bought 99,418 shares across the ARK Innovation, Next Generation Technology and Blockchain & Fintech Innovation ETFs.
ETF Breakdown
ARK Innovation ETF held 69,604 shares valued at $6.4 million, while ARK Next Generation Technology ETF added 17,699 shares worth $1.6 million.
Robinhood Stock Decline
Robinhood shares fell 23% over a month, extending a one-month drop to $89.70 in premarket trading.
Q3 Results Show Crypto Slump
Crypto transaction revenue dropped 55% to $120 million as trading volume fell 38% to $50 billion.
Wall Street Cuts Price Targets
Scotiabank lowered its target to $124 from $136, while Goldman Sachs, JPMorgan and others cut their targets.
The essence
ARK Invest bought $9.1 million worth of Robinhood shares after its stock fell 23% in a month.
