ARK Invest bought the dip on Robinhood, marking its largest position addition in nearly six months.
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Cathie Wood’s ARK Invest purchased approximately $9.1 million worth of Robinhood stocks on Wednesday, marking its largest single-day position increase since April 29 and its first purchase of the stock since September 8. The total purchase volume was 99,418 shares, allocated across three ETFs: ARKK, ARKW, and ARKF. According to data from BIT Stock Platform, Robinhood closed 3.3% lower on the day at $91.43, with its value down more than 23% over the past month. Earlier this month, ARK had sold a total of about $47.5 million in Robinhood shares between October 6 and 9. The purchase came after Robinhood released its financial report, which showed its third-quarter crypto trading revenue dropped 55% year-over-year to $120 million, while its prediction market revenue reached $173 million.
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