Cathie Wood Buys The Dip In Robinhood, Purchases Over $1.2M Of Shares For Innovation Fund

Cathie Wood-led ARK Investment Management bought over 140,000 shares of Robinhood Markets Inc HOOD at an estimated valuation of over $1.2 million based on Monday's closing price.

The purchase was done via the ARK Fintech Innovation ETF ARKF. ARK appears to have used the dip in shares over the last month to increase its holding in the financial services company. Robinhood shares have lost over 12% in the last month but are still up over 7% on a year-to-date basis.

Also Read: How to Buy Penny Stocks on Robinhood

Last week, the company reported an upbeat set of earnings. Robinhood's first-quarter revenue stood at $441 million, up 16% quarter-over-quarter. The total came in ahead of a Street consensus estimate of $424.5 million, according to data from Benzinga Pro.

Robinhood also announced the launch of 24-hour trading beginning this week. "Using 24 Hour Market, people can place limit orders to buy whole shares of 43 of the most traded ETFs and individual stocks– such as Tesla Inc TSLA, Amazon.com, Inc. AMZN and Apple Inc AAPL– 24 hours a day, five days a week," it said in a blog.

Whether this will lead to an increase in the company's customer base and eventually its revenue is something that investors would be watching out for in the coming quarters. Robinhood is scheduled to release its April metrics on Wednesday.

Major Buy: ARK also loaded up on shares of cloud-based restaurant management software company Toast Inc TOST at an estimated valuation of over $1.9 million based on Monday's closing price.

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