Cathie Wood-Lead Ark Invest Dumps $7.6M Worth Of Robinhood Shares Amid GameStop Buzz, Bitcoin Choppiness

Benzinga Neuro

June 10, 2024

On Monday, Cathie Wood-led Ark Invest made a significant move by reducing its holdings in Robinhood Markets Inc (NASDAQ:HOOD). This decision came amidst a period of market fluctuations and followed a recent trend of the investment firm adjusting its portfolio.

The HOOD Trade: Ark Invest’s decision to trim its position in Robinhood was executed through three of its ETFs. The ARK Fintech Innovation ETF (NYSE:ARKF) sold 31,827 shares, while the ARK Innovation ETF (NYSE:ARKK) and the ARK Next Generation Internet ETF (NYSE:ARKW) offloaded 215,675 and 76,299 shares respectively. Based on Robinhood’s closing price of $23.42 on Monday, the total value of the shares sold is approximately $7.6 million.

The volatility in Robinhood shares comes amid a revival of the meme stock saga, recently Robinhood CEO Vlad Tenev announced that the company was prepared to handle any traffic influx resulting from a scheduled live stream from Roaring Kitty, also known as Keith Gill, who is famous for his investments in GameStop Corporation. The company also recently announced a $1 billion buyback, which contributed to the stock’s upward trend.

Notably, the trade was executed in the background of a choppy cryptocurrency market when major coins like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) traded in the red.

Other Key Trades:

Exact Sciences Corp (NASDAQ:EXAS): Sold shares via ARKG and shares via ARKK.
Arcturus Therapeutics Holdings Inc (NASDAQ:ARCT): Purchased shares via ARKG.
Teladoc Health Inc (NYSE:TDOC): Sold shares via ARKG.
Intellia Therapeutics Inc (NASDAQ:NTLA): Bought shares via ARKG and shares via ARKK.
Verve Therapeutics Inc (NASDAQ:VERV): Sold shares via ARKG and shares via ARKK. Veracyte Inc (NASDAQ:VCYT): Bought 5,804 shares via ARKG and shares via ARKK.

Read Next: Investor Naval Ravikant Threatens To Sell All Tesla Holdings If CEO Musk’s Pay Plan Is Rejected But Says He’ll Buy More If Approved

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

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