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Cathie Wood’s Ark Invest has capitalized on the recent dip in Robinhood’s stock, purchasing an additional 45,792 shares. This move aligns with Ark Invest’s strategy of buying beaten-down tech stocks, a tactic that has garnered significant attention. Over the past week, Robinhood’s stock (HOOD) has seen a 10% increase, spurred by this and other buy-ins despite ongoing market volatility.
Cathie Wood’s Strategic Move on Robinhood
On July 12, Cathie Wood’s Ark Invest acquired 45,792 shares of Robinhood, valued at over $800,000. This purchase is part of a broader strategy by Ark Invest to buy the dip in tech stocks, following a significant market downturn. After a strong performance in Q1 2024 driven by a tech boom, Robinhood’s stock saw a sharp decline, falling over 22% in the last 30 days as some investors sold off their holdings.
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However, this decline has presented buying opportunities for Wood and other investors who are optimistic about the stock’s future. Last week, Ark Invest also purchased $2.4 million worth of Robinhood shares, coinciding with the company’s positive earnings report. This strategy extends to other crypto-related stocks, as Ark Invest has also increased its holdings in Coinbase, showing confidence in the broader crypto market.
Robinhood’s Strong Performance Amid Market Challenges
Robinhood’s better-than-expected Q2 earnings report has bolstered its appeal, particularly within the crypto community. The company reported a 161% year-over-year increase in revenue from its crypto segments, highlighting its growing presence in the market.
As Ark Invest continues to bet on tech and crypto-related stocks like Robinhood, it reflects a broad optimism about the future of these sectors, even amid short-term volatility.
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