Cathie Wood's Ark Invest Acquires $5.5M of Robinhood Shares Following Platform's First Profitable Quarter

On Thursday, Cathie Wood-led Ark Invest made several trades, the most prominent being a substantial purchase of Robinhood Markets Inc HOOD shares.

This move comes in the wake of Robinhood’s recent Q2 earnings report that beat Street estimates and marked the company’s first profitable quarter.

The Robinhood Trade

Ark Invest purchased 46422 shares of Robinhood for its Ark Fintech Innovation ETF ARKF, 365748 shares for its ARK Innovation ETF ARKK, and 70111 shares for its ARK Next Generation Internet ETF ARKW. The total value of the trade was approx. $5.6 million, based on Robinhood shares’ Thursday closing price of $11.54.

This significant investment follows Robinhood’s announcement of Q2 revenue of $486 million, up 53% year-over-year and 10% quarter-over-quarter. The company also reported a GAAP profitability milestone, with earnings per share of 3 cents, beating a Street estimate of a loss of 2 cents per share.

Vlad Tenev, Robinhood’s CEO, and Jason Warnick, the CFO, both highlighted this profitable turn as a significant achievement for the company.

See Also: Cathie Wood Buys A Whopping $5.3M Stake In Robinhood, Offloads This Sports Betting Company Stock

Other Key Trades:

• Ark Invest bought 54567 shares of Pacific Biosciences of California PACB for its ARK Genomic Revolution ETF ARKG and 196476 shares for its Innovation fund.
• 383777 shares of Adaptive Biotechnologies ADPT were added to the ARKG fund.
• The ARKG fund also saw the purchase of 10387 shares of Accolade Inc ACCD and 20465 shares of Intellia Therapeutics Inc NTLA.
• For its ARK Autonomous Technology & Robotics ETF ARKQ, Ark Invest bought 2621 shares of Teradyne Inc TER.

Read Next: Robinhood Shifts From Short-Term Trades To Long-Term Stability, Begins Offering IRAs