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.
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
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