Ark Invest Doubles Down on Robinhood Amid Market Dip
13.08.2024 18:15 1 min. read Alexander Stefanov
Ark Invest, led by Cathie Wood, has significantly increased its stake in Robinhood by purchasing 45,792 shares, valued at over $800,000, during a recent market downturn.
This move aligns with Ark’s strategy of investing in technology stocks during dips.
The addition follows a period of decline for Robinhood’s stock, which dropped more than 22% over the past month.
Despite this, Ark Invest’s recent acquisitions also include substantial investments in Coinbase and Alphabet, reflecting confidence in the tech sector’s rebound.
Robinhood’s latest quarterly report showed a remarkable 161% increase in crypto revenue, contributing to a recent 10% recovery in its stock price.
Bank of America highlights growing retail engagement and positive operating leverage as factors driving optimism for Robinhood’s stock.
CEO Vlad Tenev has observed that, despite market volatility, investor interest remains strong, with many choosing to buy rather than sell Robinhood shares.
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