Cathie Wood's Tuesday Bet: Ark Loads Up On More Robinhood Stock Amid Platform Expansion

On Tuesday, Cathie Wood-led Ark Invest made notable trades, including a significant purchase of Robinhood Markets Inc. ( HOOD ) . This move follows recent strategic investments by Ark in Robinhood, highlighting its growing interest in the financial services platform.

The Robinhood Trade

Ark Invest’s ARK Innovation ETF ( ARKK )  fund added 7,798 shares of Robinhood on Tuesday. The purchase comes shortly after Ark’s substantial acquisition of 249,423 shares of Robinhood on Friday. On Monday, Ark bolstered this position by adding another 31,731 shares worth $1.32 million.

Robinhood’s shares closed at $42.16 on the same day, reflecting a 1.3% increase. The transaction value for Tuesday’s share purchase amounted to approximately $328,764. This purchase comes as Robinhood recently launched its AI-powered investment tool, Robinhood Cortex, and forayed into private banking services.

Other Key Trades:

• Sold 100,733 shares of Repare Therapeutics Inc from ARKG.
• Bought 11,288 shares of GitLab Inc for ARKK and 3,267 shares for ARKW.
• Sold 92,341 shares of Prime Medicine Inc from ARKK.
• Sold 142,134 shares of UiPath Inc from ARKW.

Benzinga Edge Stock Rankings put Robinhood in the 97th percentile for strong momentum. Wondering how crypto competitor Coinbase stacks up? Click here to see the comparison.

Image via Shutterstock

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