Cathie Wood Offloads $7 Million Robinhood Stock, Here’s Why
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Cathie Wood’s ARK ETFs made significant moves in their daily trades on Monday, June 10th, 2024. With a noticeable sell-off of Robinhood Markets Inc. shares and strategic purchases across various biotech and tech companies, investors are left wondering about the motives behind these decisions. Meanwhile, HOOD stock saw a 2% dip following Ark Invest’s offloading of over $7.5 million worth of shares.
Dumps $7.18M Robinhood Share
ARK ETFs, under the guidance of renowned investor Cathie Wood, made headlines when it substantial sell-off of 323,801 shares of Robinhood Markets Inc, spread across ARKK, ARKW, and ARKF funds.
This offloading resulted in a cash inflow of approximately $7,181,906, marking it as the largest transaction of the day.
ARK Investment Purchases
ARK’s recent investment moves highlight its ongoing bullish stance on biotech firms. They acquired 58,363 shares of Arcturus Therapeutics through the ARKG ETF, investing $1,857,110. This follows a pattern observed last Friday, indicating a growing position in Arcturus Therapeutics. Additionally, ARK modestly increased holdings in Beam Therapeutics Inc., adding 797 shares valued at $18,498 through the ARKK ETF.
On the other hand, Intellia Therapeutics Inc. received an inflow of capital from ARK, with 46,828 shares purchased across ARKK and ARKG ETFs, totaling $1,064,400. This highlights ARK’s long-term confidence in gene editing companies.
However, not all companies saw increased holdings. Exact Sciences Corp faced a sell-off, with ARK selling 100,687 shares across ARKK and ARKG ETFs, totaling $4,322,492.
HOOD Stock Price Drops
Following the dumping of ARK’s Robinhood share, the stock price fell by 2.13% to $22.92 However, it’s worth noting that on Monday, the stock saw a 5.6% increase, closing at $23.50.
Meanwhile, ARK’s active management strategy and shifting positions highlight its interest in biotechnology stocks and strategic divestment from select healthcare and tech companies.
