On Thursday, Cathie Wood-led Ark Invest made a significant move by purchasing shares of Robinhood Markets Inc. (NASDAQ:HOOD). This strategic investment comes as Robinhood continues to expand its platform, enhancing its financial services offerings.
The Robinhood Trade
Ark Invest purchased 36,250 shares of Robinhood on Thursday. The trade, executed through the ARK Innovation ETF (NYSE:ARKK), amounted to approximately $1.39 million based on Robinhood’s last closing price of $38.26. The stock corrected by over 10% amid a broader market slump triggered by the imposition of trade tariffs by President Donald Trump. This move follows a series of investments by Ark in Robinhood.
On Wednesday, Ark purchased 6,875 shares of Robinhood through ARKK. That trade was valued at roughly $293,425. The Wood-led firm has consistently been purchasing the stock this week. On Monday, it mopped up Robinhood shares worth $1.32 million, while on Tuesday it added 7,798 shares worth $328,764.
Robinhood is undergoing a significant transformation, as it recently launched an integrated suite of financial services. This includes the introduction of Robinhood Banking, which offers checking and savings accounts with a competitive 4% annual percentage yield. The service also provides Federal Deposit Insurance Corporation insurance coverage up to $2.5 million through Coastal Community Bank, a subsidiary of Coastal Financial Corp. This expansion aims to attract retail investors seeking more sophisticated private banking and investment solutions.
Other Key Trades:
- Sold 41,130 shares of UiPath Inc (NYSE:PATH) from the ARKF and another 302,251 shares from ARKW.
- Sold 119,913 shares of Repare Therapeutics Inc (NASDAQ:RPTX) from the ARKG.
- Bought 21,209 shares of GitLab Inc (NASDAQ:GTLB) through the ARKK.
- Bought 6,222 shares of GitLab Inc (NASDAQ:GTLB) through the ARKW and 21,209 shares via ARKK.
Image via Shutterstock
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
